The White House is eyeing an end to the de minimis import rule. "U.S. consumers could face larger consequences than meet the eye," the New York Fed wrote.

In his third new tariff probe in a week, Trump signed a memo ordering Commerce Secretary Howard Lutnick to initiate a national security investigation into U.S. lumber imports under Section 232 of the Trade Expansion Act of 1962.

Mexico is willing to raise tariffs on Chinese goods and find ways to buy more from the US in a bid to avoid duties threatened by President Donald Trump, according to people familiar with the matter.