For investors, the risk now is that the slow drip of news on tariffs leads to complacency about the damage they might cause-the Nasdaq stock index closed a record high yesterday.

For many countries, the reprieve from President Donald Trump’s eye-watering global tariffs, which were first announced on April 2 and temporarily reduced to 10% a week later, is soon set to come to an end.

With his two dozen letters to U.S. trading partners last week, President Donald Trump promised elevated tariffs on Aug. 1 largely to tackle an issue he’s raised for decades — trade deficits.