Trump has sent letters to leaders of dozens of countries outlining the tariff levels set to begin on Aug. 1. In recent months, Trump has rolled back some of his steepest tariffs, meaning delays could be possible in the case of the Aug. 1 deadline. The Trump administration appears to have stood largely behind the deadline in recent days, however.

Donald Trump is betting that tariffs rather than sanctions will fix economic and geopolitical imbalances. But does the threat of rising US inflation and retaliation make sanctions a safer choice?