Live updates: Markets, economists and US allies react to Trump's expansive new tariffs

What to Know

• The Trump administration’s aggressive global tariff regime against imported goods from some of its closest allies has drawn strong reactions across the board.
• Countries seeking to sell goods to the United States will now face taxes as high as 54% based on how the White House is calculating duties on U.S. exports, as well as “nonmonetary” trade barriers in response to countries doing things like manipulating their currencies or serving as “pollution havens.”
• Global markets reacted sharply and swiftly, with investors fleeing U.S. stock indexes and stocks of companies that rely on global supply chains plummeting.
• The steep tariffs are raising consumer fears that higher prices are on the way.