The new tariffs, which took effect Monday, expand the scope of the levies President Donald Trump previously announced on the valuable commodities.

S&P Global warned U.S. government debt credit ratings could "come under pressure" if political developments affect the independence of the Federal Reserve.

But the prices of hair extensions and hair glues used to create wigs and weaves have gone up exponentially after President Donald Trump imposed a series of different tariffs on China and Vietnam, where the majority of Black beauty products are made.