• Trump's new tariffs impose rates between 10% and 50% on goods from over 60 countries.
• The tariffs are expected to significantly impact inflation and job growth in the U.S.
• Countries affected include India, Brazil, Laos, and others facing high duties.
• Many economists express concerns about potential long-term economic consequences.
• Trump projects significant revenue generation from tariffs, despite economic uncertainties.

President Donald Trump's sweeping new tariffs officially took effect at 12:01 a.m. on Thursday, with duties ranging from 10% to 50% imposed on goods from over 60 countries, including key trading partners. The White House anticipates these reciprocal tariffs will reshape global trade, with Trump declaring on social media: "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!"... according to ABC News, BBC, and Channel News Asia.

The tariff structure varies significantly, with China facing higher rates due to ongoing geopolitical tensions and countries like Brazil and India dealing with steep tariffs of up to 50% as retaliation for specific foreign policies, particularly regarding Russian oil imports. Brazil's tomatoes and coffee are now hit with tariff rates that have climbed sharply, marking a shift in trade relations... according to Reuters, India Times, and TRT Global.

Many experts warn that although these tariffs could yield significant revenue—estimated in the hundreds of billions—there are serious concerns about the potential for increased inflation and reduced consumer spending. Historical data shows that the average tariff on imported goods has surged to 17.3%, the highest level since the early 1930s, potentially leading to an economic environment where growth stalls... according to NPR, Bangkok Post, and Le Monde.

Reactions from affected countries have been sharply critical, with Indian officials calling the increased tariffs "unfair, unjustified, and unreasonable," especially in light of Congressional concerns regarding national security implications tied to importing Russian energy sources. Some industry analysts argue that the resultant prices will likely be passed onto U.S. consumers, raising living costs at a time when consumer confidence is already eroding... according to The Jakarta Post and AA.

The complexity and magnitude of these tariff increases have led to significant uncertainties for businesses and global markets alike, with many companies scrambling to adapt to these newly imposed burdens. As negotiations continue, the possibility of legal challenges against the tariffs looms large, with experts forecasting ongoing disruptions to established supply chains and trade relations... according to CBS News, BBC, and India Times.