Prices of clothing and shoes are expected to be particularly impacted by the tariffs, Yale University’s Budget Lab found.

Gold rose on Friday after U.S. President Donald Trump announced new tariffs on Canadian imports and broader tariff threats to other trading partners, but gains were capped by a stronger dollar amid mounting signs of turmoil in global trade landscape.

President Donald Trump announced on Wednesday night that the United States will impose a 50 percent tariff on copper, effective August 1. Trump wrote on Truth Social that he came to the decision after a "robust NATIONAL SECURITY ASSESSMENT."

President Trump is amping up trade threats, again unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.

The U.S. dollar rose on Friday on more signs of upheaval in the global trade landscape, as U.S. President Donald Trump announced more tariffs and said he planned to impose blanket levies of 15% or 20% on most trade partners.

President Donald Trump put Brazilian politics front-and-center Wednesday in a letter declaring a new 50% tariff on U.S. imports from the Latin American nation set to begin Aug. 1, citing mistreatment of longtime ally and former Brazilian President Jair Bolsonaro.

Kazakhstan, whose close ties with Russia and China have made it a significant regional player in Central Asia, has said it is ready to reach a compromise with the Trump administration over tariffs due to take effect next month.

The 50% tariff that the Trump administration has slapped on Brazilian imports has rattled the global coffee market and could make the price of a cup of coffee in the U.S. jump beyond recent highs.