President Trump has threatened to increase Mexico’s tariff rate to 30 percent starting Aug. 1, claiming the country hasn’t sufficiently tackled drug cartels.

Fareed Zakaria asks Bill Gates how damaging he thinks Trump’s tariffs are. Hear his response . 01:43 . Now playing

Tariffs contributed modestly to the rise of inflation last month, analysts told ABC News, citing the price hikes in product categories made up primarily of imports. But, they added, overall price increases owed largely to a rise in housing and food products with little connection to tariffs.

Ultimately, the TACO trade may be coming to a close and will be a fun meme for us to remember. This time, I think tariffs will stick. Read the latest market analysis here.

President Trump on Wednesday said he would be sending letters to over 150 countries as he plans a barrage of duties to take effect Aug. 1, including levies on pharmaceutical imports and semiconductors.

TSMC, the world's main producer of advanced AI chips, is expected to post a 52% jump in second-quarter profit to record levels on Thursday, though U.S. tariffs and a strong Taiwan dollar could weigh on its outlook.

President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.

Inflation, tariffs, and trade wars have investors seeking resilient investments. Click here to learn about 5 top stocks.

Volvo Cars said it has scaled back its U.S. model lineup this year, among the first examples of a major automaker halting U.S. shipments as President Donald Trump's tariffs make it harder to sell a broad range of vehicles profitably.

This week’s Fresh Take also looks at tariff-proof yaupon tea, an L.A. fire survivor’s insurance nightmare, a farmworker’s death in connection to an ICE raid and more.