The White House is eyeing an end to the de minimis import rule. "U.S. consumers could face larger consequences than meet the eye," the New York Fed wrote.

President Donald Trump said Thursday tariffs of 25% on Mexican and Canadian goods are set to take effect on March 4, while also threatening to impose an additional 10% on Chinese imports on the same date.

The U.S. next week will impose an additional 10% tariff on imports from China over its role in the fentanyl trade, the president said.