Deep dive into 2025’s shifting U.S. tariffs, from ‘Liberation Day’ to China and India moves, with inflation impacts, court challenges, and holiday retail risks.

U.S. levies on Chinese goods like toys, footwear and furniture could rise sharply if a deal is not approved by Tuesday’s deadline.

Following talks in Geneva, US and Chinese representatives met in London in June and then again in Stockholm, Sweden, last month. After the Stockholm meetings, US negotiators returned to Washington with a proposal that Trump extend the Geneva deadline past August 12.