The new exemptions are part of what traders have dubbed TACO, or Trump Always Chickens Out, to describe times when the president backs off a policy after unintended consequences pop up. In the case of tariffs, Trump has already reversed a number of his measures, a sign that the administration is reshaping his signature economic tool .

The Supreme Court on Nov. 5 will debate the future of the worldwide tariffs President Donald Trump has used to raise revenue, spur manufacturing and exert political pressure on other countries. The tariffs are the centerpiece of Trump’s economic agenda ...

There is new evidence of global pain stemming from President Trump's trade policy, which single-handedly scrambled the world economy. Why it matters: From China to Switzerland, the economic readjustment to double-digit tariffs has been bumpy.