Figures show record $24.2bn raised from the levies in May but highlight potential for distortion to global trade flows

Duties on imports from dozens of countries would jump if the 90-day pause imposed in April expires July 9 as scheduled.

President Donald Trump's second term economic plan can be summed up in one word: tariffs. As his barrage of import taxes went into overdrive in recent months, markets trembled and business leaders sounded alarms about the economic damage they would cause.