The Trump administration's tariffs are expected to raise $50 billion a month, with revenue going into the general fund.

Swiss President Karin Keller-Sutter flew to Washington on Tuesday to seek talks with the Trump administration over the steep 39% tariff imposed on Switzerland. But Keller-Sutter was only able to meet with Secretary of State Marco Rubio, not with any of the primary tariff negotiators.

The stock market has been solid during the tariff drama, with the S&P 500 index climbing more than 25% from its April low. The market's rebound and the income tax cuts in Trump's tax and spending measure signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months.