His last trade war with China allowed Shein and Temu to become e-commerce giants during a cost-of-living crisis. But the latest tariffs will not hurt the companies as much as those who rely on them.

The move to put 10% additional tariffs on imports from China will affect a small number of U.S. vehicles, but increased costs of auto parts could affect already heightened car prices. The biggest impact on vehicles will be on Ford Motor's Lincoln Nautilus and General Motors' Buick Envision.

China has imposed targeted tariffs on US imports and put several companies, including Google, on notice for possible sanctions, in a measured response to the sweeping duties on Chinese imports imposed by President Donald Trump.