A year after his "liberation day," Trump's trade war has reshaped how companies in industries such as retail and autos are modeling economic and policy risk.

Tariffs are usually applied to imported goods—but in an interconnected economy, their effects can be felt in the prices of other goods and services. Estimates using data across multiple advanced economies show that inflation declines right after tariffs are imposed.

About 80% of the seafood consumed in the U.S. is imported, much of it from China and India — two countries hit with major tariffs in the past year.

The scale of Trump's so-called "Liberation Day" tariffs is significantly larger than what the Republican imposed during his first term. Newsweek has contacted the White house for