Yet the market (as of July 11) isn't far off from its all-time high, and it doesn't seem to be poised for the same explosive sell-off that occurred in early April. Is the stock market underestimating Trump's tariffs?

The main U.S. equity indexes opened lower but crept higher Monday, rising above more threats from the White House about tariffs and Federal Reserve Chair Jerome Powell. Investors, traders, speculators and President Donald Trump remain wary about the "injustices of global trade" and interest rates ahead of Tuesday's release of fresh consumer price data.