ToplineTrump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and they could hike up the cost of consumer goods imported from other countries.

Oil prices declined on Thursday as U.S. President Donald Trump's August 1 tariff deadline loomed over investors, with uncertainty surrounding countries yet to negotiate a trade deal with the U.S.