European exporters say a 30% U.S. import tariff would drive prices unsustainably high and hammer their sales. While some manufacturers are shifting their supply chains stateside or elsewhere, not all businesses have the same flexibility — and can't easily replace the developed U.

Finally, don't discount legal challenges to the president's tariffs. An argument could be made that pharmaceutical products made in Ireland, the primary overseas source for Lilly, don't present a national security threat to the U.S., since Ireland is a staunch ally.

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Global investors got a harsh reminder of the risks around trade tariffs and U.S. President Donald Trump's deal-making on Saturday after he threatened fresh tariffs on his biggest trading partners in Europe and Mexico.

President Donald Trump cranked up the pressure Monday on America’s trading partners, firing off letters to heads of several countries, informing them of their new tariff rate. But at the same time, Trump took some of the edge off by signing an executive action Monday to extend the date for all “reciprocal” tariffs,

Equities kicked off Monday strong after a fresh round of tariff threats over the weekend. The S&P 500 gained 0.17%, closing within 0.2% several points of its all-time high, set on Thursday. The Dow rose 0.2% and the tech-heavy Nasdaq gained 0.27%.

The August 1 deadline gives the countries time to negotiate agreements that could lower the tariffs. Some investors and economists have also noted Trump's pattern of backing off his tariff threats.