Pandora, the world’s largest jewelry company, is based in Denmark and has nearly 500 stores in the United States, more than in any of its other key markets. But in some ways, its real home is Thailand, where the company has been making its products for nearly four decades.

Like many global corporations, Pandora has used a continent-crossing supply chain to sell its goods worldwide at a low cost. But last month, that supply chain became a grave weakness when President Trump said he would impose 36 percent tariffs on goods entering the United States from Thailand, alongside steep tariffs on dozens of other countries.

After Mr. Trump unveiled his “reciprocal” tariffs, Pandora’s shares were among the worst performing in Europe. A week later, Mr. Trump postponed those tariffs until early July, offering a reprieve.

But the threat looms, and Alexander Lacik, the chief executive of Pandora, is not expecting the uncertainty that is paralyzing businesses to end. Unless tariffs return to previous levels, the next year will be turbulent, he said in an interview. For now, he added, there is little to do but wait to see how investors, customers and competitors react.

“With the information at hand today, I would be crazy to make big strategic decisions,” Mr. Lacik said.

Alongside business leaders all over the world, Mr. Lacik is grappling with how to respond to Mr. Trump’s unpredictable policies, which have generated almost maddening uncertainty. The Trump administration has started to show a willingness to lower tariffs, but his first agreements, with Britain and China, have posed more questions than answers, and tariffs are still higher than they were a couple of months ago.

Although some aspects of the trade war have been suspended, Pandora and other multinationals are in limbo, waiting for more agreements to be completed.

Pandora, best known for its silver charm bracelets, has been making jewelry in Thailand since 1989. Across three factories, thousands of people handcraft the products. The company is building a fourth plant in Vietnam, but Mr. Trump has threatened tariffs of 46 percent on Vietnamese goods.

Last year, the company sold 113 million pieces of jewelry, about three items every second, making it the largest jewelry brand by volume, with stores in more than 100 countries. A third of its sales, 9.7 billion Danish kroner, or $1.4 billion, were generated in the United States, and Mr. Lacik said he had no intention of moving away from the company’s most profitable market.

But prices will rise, he said, and who will bear the brunt of that is unclear.

“The big question is, am I going to pass on everything to the U.S. consumer, or am I going to peanut butter it out and raise the whole Pandora pricing globally?” Mr. Lacik said.

But Pandora keeps several months’ worth of stock, giving him time to see how other jewelers change their pricing and then decide.

A few things can be done immediately, such as streamlining parts of the supply chain. The day after the reciprocal tariffs were announced, Pandora said it would change its distribution so that products sold in Canada and Latin America would no longer move through the company’s distribution hub in Baltimore, a process that would take six to nine months to complete.

Moving production into the United States is not being considered, in part because of higher labor costs. Pandora employs nearly 15,000 craftspeople in Thailand and expects to hire 7,000 more in Vietnam.

In an earnings report last week, the company estimated the cost of the trade war. If higher tariffs on Thai imports, 36 percent, and Chinese imports, 145 percent, go back into effect, they will cost Pandora 500 million Danish kroner, or $74 million, this year, and then 900 million Danish kroner, $135 million, annually after that.

But the jeweler is not panicking. In fact, the economic curveballs are starting to feel normal, Mr. Lacik said. “We are battle ready,” he added.

When he joined the company as the chief executive in 2019, Pandora was struggling. Its share price had dropped more than 70 percent from its peak three years earlier. Mr. Lacik instituted a “complete overhaul,” he said, with new branding and store designs, an emphasis on its “affordable luxury” label, and a showcase of its complete jewelry line, not just charms.

That prepared the company for the trials that hit the global economy next. First, the Covid-19 pandemic, when 15,000 store employees were sent home and some factory workers slept on cots to keep production going. Then a surge in inflation risked customers pulling back.

Mr. Lacik’s strategy appeared to be working. In January, Pandora’s share price reached a record high. Since then, however, it has dropped more than 20 percent.

The company has managed to shield itself from some of the trade turmoil. After Mr. Trump raised tariffs on China during his first term, Pandora stopped sourcing all of its showroom furniture and display materials for its 3,000 stores from China.

“We had some readiness,” Mr. Lacik said, so they were not “caught completely with our pants down.”

When Megan Debin purchased her Long Beach, Calif., house in 2020, she found her backyard dreary with its cinder-block walls. Dr. Debin, an art history professor and content creator, was smitten with a light blue crab motif she had come across on Instagram. She asked its artist, Tracy Allen, a muralist in Long Beach, to paint the crab on one of her yard’s walls.

One mural turned into five — all different designs, predominantly blue — and now Dr. Debin, 45, sees her yard differently. “It’s so bright and playful, and it lifts your mood,” she said, adding that the murals inspired her to create an outdoor space where she could entertain among the yard’s orange trees.

Home murals were once relegated to children’s bedrooms, where they often tied into a theme. Today, they’ve grown up and taken over walls, indoors and out.

Technically speaking, a mural is a large work of art executed right on a wall. And while modern murals are typically associated with streetscapes and Insta-worthy backdrops, they’re one of the most primitive forms of artistic storytelling. In Dordogne, France, for example, the Lascaux cave paintings of about 15,000 to 17,000 years ago depicted horses, bison and other animals. And in Patagonia, Argentina, the “Cueva de las Manos” (“Cave of Hands”) is a composite of stenciled human hands that dates back at least 9,000 years.

“I think as humans we have this built-in tendency to share things with other people and do that in a visual way,” said Hailey Widrig, an art historian and founder of Art Partners Advisory in Paris, which advises collectors and appraises art works. “Murals really evolved out of that.”

The sprawling wall paintings have ebbed and flowed out of popularity through the centuries, from religious works in the Renaissance (like the “Last Supper”) to political statements by Diego Rivera in the 1930s and Banksy’s start in the 1990s. In the 2010s, destinations like Richmond, Va., which has hosted the RVA Street Art Festival since 2012, and Wynwood Walls in Miami began welcoming murals to add vibrancy and become attractions.

The rise of murals on social media has inspired homeowners to bring them indoors. “Platforms like Instagram have reframed murals as contemporary visual statements by transforming them from niche to aspirational through sheer exposure,” said Elena DeStefano, an interior designer in Philadelphia. “In response, designers began integrating them as immersive, site-specific works that introduce a unique narrative and spatial complexity into the home.”

That individualized touch is what makes Ms. DeStefano so inclined to incorporate murals in homes. “I think they work in literally any room with walls,” she said. “They are a true representation of the person that lives in that home because there’s no mural that is ever going to be the same.”

Ms. DeStefano is also a proponent of digital mural wall coverings by companies like Phillip Jeffries. She recently worked with a couple who wanted birds in their mural, and the company blended their designs and tweaked the scale of the birds to make a customized mural.

There are considerations to take into account before painting a mural. Diana Hathaway, an interior designer in the San Francisco Bay Area, suggested pulling in colors from the surrounding design to make the space cohesive. “It doesn’t have to be too literal, but it should echo something you already have going on,” Ms. Hathaway said.

Many see hand-painted murals as an alternative to wallpaper, which can be fussy to install — and not as unique. Some muralists paint designs reminiscent of wallpaper, like Kate White who lives in Garrison, N.Y. She specializes in retro hues and geometric patterns, such as a terrazzo-inspired bathroom mural or pink and yellow blocks in an entry hallway.

Even an often-overlooked area, like a stairwell, is not immune to a muralist’s palette. Kreh Mellick, an artist in Asheville, N.C., recently painted one in a family member’s home in Virginia. Ms. Mellick took the stairwell from plain to whimsical, adorned with stars and a dress-clad sun ascending over flowers and a blueberry patch.

In some cases, homeowners empower muralists to think beyond just painting the walls. Christina Kwan, a muralist in Atlanta, installed an oceanic mural-painting hybrid in a client’s dining room. “When I work on canvases, they’re so contained,” she said. “Then when I work on murals, they’re so expansive, but I want them to have the intimacy that a canvas does.” Additionally, if the homeowners ever move, they can bring the canvas with them, too.

Even in the modern era, murals tell stories. Rachel Kerns, a muralist in Sacramento with a flair for boho-chic florals, painted a dining room ceiling in Pasadena, Calif., last year. Among leaves and golden flowers set against a red backdrop, Ms. Kerns painted silhouettes of the homeowner’s children on the edge of the mural.

“We incorporated the silhouettes in a way that was kind of abstract and not too on the nose or cheesy,” Ms. Kerns said. “I just thought it was so special that it was above the table that they’re going to dine at for years.”