The exemption may be short-lived if President Trump makes good on threats to use tariffs as leverage to bring drug production back to the United States.

President Donald Trump’s sweeping new tariffs are facing blowback from all corners – a market sell-off, foreign retaliation, anger from corporate America and skepticism from the Federal Reserve chairman and some allies in Congress.

Tariffs would drive up costs of key aerospace parts, making it more expensive for Boeing and even foreign companies with U.S. factories to produce planes. The tariffs are set to hit an aerospace supply chain still in recovery from the Covid-19 pandemic.

After China announced new retaliatory measures against the United States, President Trump responded that Beijing “PLAYED IT WRONG.”

The market reacted the past two days to Trump's Wednesday announcement that a 10% baseline tariff on imported goods goes into effect Saturday.

Markets are facing their worst crisis since the COVID crash after China matched President Donald Trump’s big raise in tariffs following the president's "liberation day" announcement.

Federal Reserve Chairman Jerome Powell warned Friday that Trump's strict tariffs will worsen inflation and lower economic growth. As a result, the Fed won't change interest rates for now.

The Chinese government said it would match President Trump’s tariff, and also barred a group of American companies from doing business in China.

US stocks were battered by a steep sell-off Friday after China retaliated against the United States for President Donald Trump’s tariffs in a tit-for-tat that escalates a global trade war.

"We have to hit Republican states and we have to hit Donald Trump's friends," a top European official told his colleagues.

U.S. Secretary of State Marco Rubio on Friday attempted to ease tensions with NATO members and the prime minister of the host country, Belgium, amid steep tariffs announced Wednesday.