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.

The European Union is racing to clinch an agreement with the Americans before tariffs kick in on Aug. 1, even as President Trump has signaled he is in no rush.