A big hit to portfolios would be felt acutely by higher-income Americans, whose spending has recently been the biggest driver of the economy.

© Ashley Gilbertson for The New York Times

The already battered spirits industry will see its supply squeezed if tariffs raise import costs and other countries’ retaliation closes off export markets.

In the first weekend since President Trump unveiled broad tariffs, many shoppers sought to get ahead of expected price increases, while others showed patience.

© Mark Abramson for The New York Times

The president has promised big results, from raising revenue to reviving domestic manufacturing. But many of his goals undermine one another.