Trump’s historic new tariffs are now in effect. Here’s what you need to know

President Donald Trump just enacted a new wave of tariffs on dozens of America’s trading partners, marking a substantial escalation in ongoing trade tensions that could constitute the biggest change to the global economy in nearly a century.

The historic new trade policy follows months of false starts to Trump’s so-called “reciprocal” tariff rollout and countless bilateral trade negotiations, a handful of which resulted in agreements that fended off even higher tariffs.

Trump and his economic advisers have celebrated the considerably higher tariffs that have already gone into effect, correctly noting that they have raised more than $100 billion in tax revenue without leading to catastrophic inflation or a recession, as some economists had feared.

The president is moving forward with new, significantly more aggressive tariffs that economists fear could exacerbate budding economic problems, including rising inflation and slowing job growth, that are just now becoming more apparent.

Here’s what to know about the tariffs:

What are the new rates?

Before Thursday, virtually every country’s goods were subject to a minimum 10% tariff. Now rates vary substantially from country to country.

The highest rates imposed are on goods from Brazil (50%), Laos (40%), Myanmar (40%), Switzerland (39%), Iraq (35%) and Serbia (35%).

An additional 21 countries also face levies greater than 15%. That includes several countries the US relies heavily on for a variety of goods, such as Vietnam (20%), India (25%), Taiwan (20%) and Thailand (19%).

How Trump's country-specific tariffs have changed since April

The 10% universal tariff stays, but about 40 countries with which the US runs a trade deficit will now face a 15% rate. Some will be hit with even steeper rates. Brazil faces a 50% total tariff after an additional 40% was imposed on Wednesday — despite the US running a trade surplus last year, exporting more to Brazil than it imported.