President Donald Trump’s wave of tariffs went into effect at 12:01 a.m. Wednesday as the vast majority of U.S. trading partners look to head off the barrier taxes with last-minute deals with the White House.
Trump’s “Liberation Day” announcement outlined a two-phased rollout of the new tariffs, which Trump has described as reciprocal. First, the 10% flat tariff on all trading partners was put into effect over the weekend, with a midnight deadline for “tailored” rates for 86 individual countries.
The new tariff regime, on friends and foes alike, upended years of global trade relationships and prompted rare voices of dissent from congressional Republicans concerned about risks of inflation, recession, and executive overreach.
Trump, however, sought to reassure House Republicans at a fundraising dinner Tuesday
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