Steep tariff rates are set to go back into effect after a 90-day pause on the April 2 rates that rocked the stock market.

President Donald Trump enacted sweeping tariff measures on the vast majority of U.S. trade partners earlier this year.

Treasury Secretary Scott Bessent said tariff letters will be sent to about 100 countries over the next several days, as the Trump administration’s 90-day tariff pause comes to an end Wednesday.

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While tariffs are a tangible worry for investors, something far more nefarious (and important) can weigh on the stock market.

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