The Trump administration's tariff policies are beginning to reverberate across the U.S. economy, affecting businesses and consumers alike. While intended to bolster American interests, these measures are creating complex challenges both domestically and globally.

Olu Sonola, the head of U.S. economic research at Fitch Ratings, said the economy was just “starting to see” the effects of the tariffs that Mr. Trump announced in the spring, adding that with Mr. Trump’s newest duties now in place, Americans would “see that magnified” in coming months.