On Saturday, the Trump administration said it would put in place 25% tariffs on Canada and Mexico and 10% tariffs on China, effective Tuesday. Early Monday, the administration said they are pausing plans for the 25% tariffs on Mexico for one month subject to more negotiations.

Though the United States is the global leader in designing chips, the vast majority of chip production happens overseas, particularly in U.S.-ally Taiwan.

Although the implementation of the Trump tariffs remains unclear, if imposed, the effects of them would be widespread and largely borne by consumers.

The initial market reaction was relatively mild. Future reactions may not be.

President Trump delayed tariffs on Mexico and Canada, but imposed 10% levies on China, prompting Beijing to retaliate. Follow along for live updates on stocks and markets, including the Dow Jones Industrial Average,