Markets previously brushed off tariff risks under the assumption that President Donald Trump would follow his earlier pattern and eventually retreat. That allowed stocks to reach new record-high territory,

Key Points The president has extended his tariff pause until Aug. 1.His administration also sent letters to many countries letting them know what their tariff rates will be on Aug. 1 -- and many of these rates are high.

Investors have had their fair share of things to digest this week. Trump the tariff man has returned in force. The president slapped a 50% tariff on copper imports, powering shares of metals play Freeport-McMoRan (FCX) up almost 5% on the week.