| President Donald Trump continues to roil segments of the market as he wages his trade war, with the latest being a plan for 50% tariffs on copper. For those of us who aren't metals traders, Shawn Donnan takes a look at how import duties are affecting costs closer to home. Plus: The creamy marble of Carrara now carved by robots and the Elon, Inc. podcast on Musk's third-party ambitions. If this email was forwarded to you, click here to sign up. You probably heard that President Donald Trump has been sending out letters this week to countries, including big-time economies like Japan and South Korea and relative minnows like Bosnia-Herzegovina and Moldova, warning them that tariffs on their exports to the US will go up on Aug. 1 if they don't reach a deal with his administration. Together with an executive order Trump signed Monday, the letters put off what would've otherwise been a drastic increase in duties today as a 90-day pause he announced on April 9 expired. To be honest, though, I've been thinking just as much recently about another notice that landed in my inbox. It set up a clash between my day job writing about the economy and tariffs and my aspirations as a backyard dad and cook. It also says a lot about the US economy and the delayed impact of tariffs. For a few years I've had a hankering for an outdoor pizza oven. It's gotten a little out of hand. I've spent way too long on social media investigating small gas-fired portable ovens and more luxurious ready-made wood ovens. This summer I vowed to finally make the leap. By Labor Day I want to be firing up pies on my patio.  One example of a backyard pizza oven. Photographer: JGA/Shutterstock Which is where the email that landed on July 2—from Denny Bruce, the chief executive officer of premium pizza-oven maker Gozney—comes in. "Starting August 1st, 2025, we will be making some necessary price adjustments due to continued global tariff increases that have significantly raised the cost of producing and importing our ovens," it began, ominously. The $100 increases Bruce laid out on two models of ovens that now cost $699.99 and $899.99 are pretty steep, at more than 14% for the cheaper of the two. The pitch also feels a little heavy on marketing spin. "At Gozney, we're committed to delivering the highest quality ovens while continuing to support innovation, craftsmanship, and the customer experience you deserve. These changes will help ensure we can keep doing exactly that," Bruce wrote. I'm still debating which oven to go with. There are cheaper options available from competitors such as Ooni and Solo, though Gozney does make a handsome oven. Wirecutter called its top model "ultraluxe," which feels like a descriptor better suited to a handbag or a suit but kind of spoke to me. Bruce's email also gelled with something I've been hearing from a lot of businesses. They've been holding off on increasing prices for as long as they can, but they're running out of time and their tariff costs are mounting. Which means consumers are about to feel the pain. Trump and his economic advisers have insisted for months that other countries will pay the tariffs, and they've dismissed all the companies and economists who say otherwise. Lots of US businesses big and small that have been receiving tariff bills would beg to differ. But so far at least those new costs haven't shown up for consumers. The 90-day pause that Trump extended on Monday hasn't been tariff-free. There's been a 10% tax on most US imports and those from China face tariffs of 30% to 55% depending on what you're importing. Cars face separate 25% duties. Steel and aluminum tariffs are higher still at 50%. And yet the consumer price index hasn't shown any dramatic signs of rising prices. Federal Reserve researchers in May said they'd detected a 0.3% increase in core goods prices because of this year's new duties. But that's modest, and once services are considered the overall effect was just a 0.1% increase in consumer prices, the Fed economists noted. That's hardly the sort of inflation that's going to cause Americans to storm the ramparts. We're starting to see evidence that tariffs are hitting the economy in other ways. Lift the hood, and the jobs numbers for June showed signs of weakness. Consumer spending was down in May. It also feels like an easy bet to say tariffs are going to go up soon. That's certainly what Trump is promising. So the effects will intensify in the weeks to come. Just how American consumers will digest it all is a trickier question. I've still got my eye on a pizza oven. I'm just not sure I'm going to pull the trigger before Aug. 1. Between you and me, I'm starting to wonder if building my own would be a fun late summer project. Especially if I can persuade my kids to help. | 
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