Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

These days, the "Magnificent Seven" aren't exactly living up to their name and delivering magnificent performances. In fact, this group of tech giants that led market gains over the past two years is now leading declines.

President Donald Trump has routinely declared tariffs as one of the most beautiful words in the dictionary and has regularly accused foreign countries of ripping off the U.S.