The most radical warning came from Commissioner Cook, who even suggested that "all policy options must be open, including interest rate hikes."

The president of the Federal Reserve Bank of Boston said the Fed is ready to use tools to stabilize financial markets if necessary.

Financial markets plunged & the big stick of tariffs fell, and markets refused to sit still.

Although Trump views tariffs as a tool for "manufacturing renaissance," economic circles generally question their effectiveness.

The plan involves establishing a timetable for gradual tariff increases, with increases of approximately 2% to 5% per month.