Mexican President Claudia Sheinbaum has extradited cartel leaders, deployed troops to the border — and remained calm. So far, it’s worked.

A set of stiff tariffs against nearly 70 countries went into effect Thursday just after midnight, bringing the Trump administration one step closer to finalizing its “Liberation Day” agenda. United States trading partners will face duties ranging from 10% to 41%,

Olu Sonola, the head of U.S. economic research at Fitch Ratings, said the economy was just “starting to see” the effects of the tariffs that Mr. Trump announced in the spring, adding that with Mr. Trump’s newest duties now in place, Americans would “see that magnified” in coming months.