The economy grew at a healthy rate despite the back-and-forth with Trump's tariffs, but the true test will come after the levies are imposed.

Trump's executive order late Thursday laid out rates to be applied against nearly 70 countries, ranging from 10% to 41% in what a Trump administration official hailed as the beginning of a "new system of trade." The new duties are now set to go into effect on Aug. 7.

The Fed’s monetary policy committee kept its benchmark rate steady at between 4.25 percent and 4.5 percent, as analysts and investors expected.