Those tariffs were all issued under what’s called the International Emergency Economic Powers Act.

The term was first coined by Financial Times columnist Robert Armstrong and has since caught fire on Wall Street. Traders use “TACO trade” to describe how markets tend to sell off after Trump announces aggressive tariffs — and then rally once he walks them back.

Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day.

Government debt and bonds have become an increasingly important issue for markets in recent weeks as yields have climbed around the world.

Apple increased its exports of iPhones from India to the United States in April, with industry data showing a 76 percent increase compared to previous months. The jump came amid President Donald Trump's threats of a 25 percent tariff on iPhones made outside the U.

At least one analyst has estimated that shifting manufacturing to the U.S. could drive up the cost of an iPhone to $3,500.