Trump's global tariffs take effect, with new additions

What happened

President Donald Trump's tariffs on more than 90 U.S. trading partners went into effect this morning, the White House said. On top of the new import taxes, which range from 10% to 41%, Trump Wednesday signed an executive order raising his tariff on Indian imports to 50%, from 25%, due to the country's purchasing of Russian oil. He also said he would slap a "tariff of approximately 100% on chips and semiconductors" unless "you're building in the United States."

Who said what

Trump's "punishing new tariffs" escalated a "global trade war that he has started" and insists will "help reset trade relationships that he deems unfair," bring in new tax revenue and revive U.S. manufacturing, The New York Times said. "I think the growth is going to be unprecedented," Trump said Wedneday.

But "so far, there are signs of self-inflicted wounds to America," The Associated Press said. The "economic fallout" of Trump's "monthslong tariff threats has begun to create visible damage for the U.S. economy," ushering in slower growth, rising prices and stalled hiring.

The "effective average tariff rate on all imported goods now stands at roughly 18% versus 2.3% last year," The Wall Street Journal said. That's the highest rate since 1934, and it will cost U.S. households an average of $2,400 a year, the nonpartisan Yale Budget Lab estimated.

What next?

The additional 25% tariff for India won't take effect until Aug. 27, so "both India and Russia might have time to negotiate," the AP said. For the U.S., the fallout from Trump's trade war won't be "made for television where it's this explosion," Brad Jensen, an economist at Georgetown University, told the outlet. "It's going to be fine sand in the gears and slow things down."

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