First there was Liberation Day, then came Judgment Day. US President Donald Trump is hiking tariffs on much of the world, with a 35 percent tax on Canadian imports beginning today and a series of rates ranging from 10 percent (United Kingdom) to 50 percent (Brazil) on other US trading partners, which will take effect next week once customs officials can implement them. The new rates come after Trump struck a flurry of framework deals with several major economies to avoid still higher rates, but they nonetheless represent a major shakeup to the global trading system. What does this all mean for the US economy? How are India and Brazil, two major US trading partners that did not get a deal, reacting? What comes next? Our experts answer below.

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