For months, the impact of President Trump’s aggressive trade policy has largely felt theoretical. But with an Aug. 1 tariff extension on the horizon and a consequential week ahead for the president’s broader economic agenda, the cracks are beginning to show.

On today’s Big Take podcast, Bloomberg senior economic writer Shawn Donnan joins David Gura to break down the tariff fallout hiding in plain sight, and which sectors and countries are being hit the hardest.