For investors, the risk now is that the slow drip of news on tariffs leads to complacency about the damage they might cause-the Nasdaq stock index closed a record high yesterday.

President Donald Trump in recent days slapped tariffs as high as 50% on dozens of countries, restoring the type of aggressive trade policy that sent stocks plummeting a few months ago. The new round of levies prompted little more than a shrug on Wall Street.

President Donald Trump and his supporters point to encouraging economic indicators to argue that concerns about his tariffs are overblown. Skeptics, however, say it’s too soon to declare that all’s well.