Donald Trump is showing why independent central banks are a good idea. The president’s double tirade against Federal Reserve Chairman Jerome Powell on Thursday conjured another dark cloud over financial markets and an economy repeatedly traumatized by his tariff and trade-war chaos.

Handbags, scarves and other goods sold in the United States by French luxury brand Hermes will cost more in May due to tariffs imposed by President Donald Trump.

We’re very attached to our production where it is,” executive chair Axel Dumas previously said of Hermès’s manufacturing.

Trump imposed 10% tariffs on goods from all countries and higher tariffs for countries the administration says have high barriers to U.S. imports, most of which he later paused for 90 days. He also imposed a 145% tariff on China,

Gov. Gavin Newsom on Wednesday announced a lawsuit alleging that President Trump lacks the authority to enact the international tariffs without the support of Congress.

The U.S. already imposed tariffs on some Chinese products of up to 100%. Add that to the 145% in new tariffs and some products face 245% tariffs.

The Trump administration gave the tech industry and consumers a collective heart attack this morning with a statement that suggested the US would raise tariffs on China to 245%. The White House published an official fact sheet that said,

China now faces tariffs of up to 245% on exports to the U.S., following escalating trade tensions sparked by U.S. tariffs on Chinese goods. In retaliation, Beijing halted Boeing jet deliveries and aircraft part purchases.