Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

The European Central Bank is leaving interest rates unchanged as it waits to see how big a blow U.S. President Donald Trump’s tariffs will inflict on the economy before deciding whether to cut rates a