Trump's tariffs eliminate a tax exemption on goods of $800 or less, meaning U.S. customers soon will pay more when they order items from those foreign competitors. This may prompt them to turn to Amazon and Etsy, sellers that also emphasize low prices.

President Donald Trump said countries were attempting to negotiate, while China imposed 84% tariffs on U.S. imports.

Trump has promised higher rates for his latest and most severe volley of duties, which he calls “reciprocal” tariffs. With so many back-and-forth tariff actions and threats, it can be tough to keep track of where things stand.