The stock market has been solid during the tariff drama, with the S&P 500 index climbing more than 25% from its April low. The market's rebound and the income tax cuts in Trump's tax and spending measure signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months.

The Trump administration's tariffs are expected to raise $50 billion a month, with revenue going into the general fund.

Economists caution new tariffs could pose economic risks, but the White House says growth is rebounding amid low inflation.