For investors, the risk now is that the slow drip of news on tariffs leads to complacency about the damage they might cause-the Nasdaq stock index closed a record high yesterday.

U.S. President Donald Trump's tariffs threaten the American economy at least as much the European one, German Finance Minister Lars Klingbeil said on Wednesday, calling for a "fair deal" with the Americans.

US inflation heated back up in June, rising to its highest level in four months, as price increases — including those from tariffs — packed a bigger punch.