Since taking office, Mr. Trump has raced to enact his economic vision, aiming to pair generous tax cuts with sweeping deregulation that he says will expand America’s economy. He has fashioned his steep, worldwide tariffs as a political cudgel that will raise money, encourage more domestic manufacturing and improve U.S. trade relationships.

Important measures of the economy like the unemployment rate and inflation have stayed stable so far despite President Donald Trump's trade wars, but that could soon change, forecasters say.

Demanding new tariffs on Europe and Apple, Trump's wild tariff approach makes it tough to do business—and will put a drain on the economy.