President Donald Trump said late Tuesday that new tariffs on semiconductors could be coming soon. Wedbush analysts said his stance could soften.

Less than half of Trump 2024 voters, 46%, said they would support tariffs on China — one of America’s biggest trading partners — even if they lead to rising prices domestically. Around a third, 32%, said they would only support tariffs if they do not increase prices.

American companies in China are reporting record-low investment plans and declining confidence in profits this year.

Trump has announced reciprocal tariffs on dozens of American trading partners, as well as new tariffs on copper and pharmaceuticals.

Trump threatened to escalate tariffs beyond 35% if Canada opts to retaliate with tariffs on U.S. goods. Canadian goods are also subject to sector-specific tariffs, such as 50% levies on steel and aluminum as well as 25% tariffs on non-USMCA compliant autos and auto parts.

The pause on the biggest of Trump's tariffs won't end this week, as planned, but the problems they present still loom large.

President Trump announcing new tariffs of 30% on Mexico and the European Union to start on August 1. European trade ministers are meeting today after pausing their retaliatory tariffs that were supposed to start today.