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.

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.

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.

On Thursday, Donald Trump announced sweeping new tariffs against U.S. trading partners that will go into effect next week. The announcement came on the same day that an appeals court grappled with the question of whether Trump’s tariffs are even legal.