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.

W hen Donald Trump’s tariffs are mentioned, you might recall his “Liberation Day” duties on uninhabited islands, his on-again, off-again threats against Canada, or the curt letters he has sent foreign leaders informing them of imminent rates.

With his two dozen letters to U.S. trading partners last week, President Donald Trump promised elevated tariffs on Aug. 1 largely to tackle an issue he’s raised for decades — trade deficits.