Higher "reciprocal" tariffs are expected to go into effect this Friday. A few trade deals could still be struck with trading partners before then, and sector-specific tariffs are next on President Donald Trump's agenda.

On August 1, hundreds of countries will come to learn their fate with the United States, when President Donald Trump’s pause on “reciprocal” tariffs ends. But businesses say planning has proven near impossible after months of whipsaw trade policy.

On August 1, the U.S. will implement new tariffs as announced by former President Donald Trump, with no extensions anticipated. This move is set to impact international trade relationships and has been the subject of extensive debate among economists and policymakers.

One economist told Newsweek that companies may be wary of "consumer backlash" if they hike prices to mitigate the tariffs' impact.

Tuesday's analysis warns of economic and political costs, especially in swing states with significant manufacturing sectors, like Michigan and Wisconsin.

That statement came some 12 hours after Trump announced an agreement Sunday with the European Union that would see a 15% tax paid on products brought into the United States from the bloc. The E.U. also agreed to spend $750 billion on energy purchases from the U.S., while investing an additional $600 billion here.