The U.S. collected a record $16.3 billion in customs revenue in April, although the "Liberation Day" import tax revenue surge could be short-lived.

A group of small businesses urged the US trade court to block President Donald Trump’s “Liberation Day” global tariffs during a court hearing that could have a major impact on the Republican’s economic agenda.

Big-name multinationals right down to niche e-commerce players last week cut sales targets, warned of job cuts and reviewed their business plans, while major economies revised down growth prospects amid bleak data read-outs.

President Trump's announcement of additional tariffs led businesses to increase inventory imports to avoid higher prices, which in turn subtracted from the GDP. Many companies depend on Chinese factories for holiday goods, and tariffs could disrupt the timely and affordable arrival of these products.

Austan D. Goolsbee, president of the Chicago Fed, said there was still a risk of higher consumer prices and slower growth amid elevated uncertainty about the White House’s trade policy.

The Fed should not commit to further interest rate cuts until it is clear whether the Trump administration's tariff policies lead to persistent inflation or a less serious, one-time adjustment in prices,

China and the U.S. agreed to end their recent tariff battle temporarily and restart stalled trade between the two countries.