American businesses have struggled in recent weeks to plan ahead as Trump’s tariff threats have injected so much uncertainty into the ir supply chains. Stock indices have dipped. Expectations of inflation have soared. Investors are rattled.

President Donald Trump’s speech announcing a huge increase in tariffs on American trading partners was riddled with falsehoods and misleading statements on trade that he has made for years. But now they are determining policy that will increase the costs of goods for many Americans.