"Russia has been excluded from the tariff because it sells almost no goods which could be made in the United States," Christopher Weafer, CEO of Russia-focused consulting firm Macro-Advisory, told Newsweek. "But it still provides things the U.S. needs—titanium, nuclear fuel, fertilizer, and other materials such as platinum."

Consumer sentiment has plunged 11%, according to a University of Michigan survey released Friday, to its second-lowest reading dating back to 1952. The April report was lower than anything seen during the Great Recession of 2008.