After months of delays and extensions, President Donald Trump's comprehensive and sweeping tariffs slate took effect Thursday just after midnight, shifting his global trade reset into high gear.

Most imports into the United States will now face a baseline 10% duty, with the overall average effective tariff rate rising to more than 17% — the highest since 1935, during the Great Depression — thanks to higher duties on some of the biggest U.S. trading partners, according to the nonpartisan Yale Budget Lab think tank .

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A wide variety of products will be hit. Tariffs will be collected on everything from European Union appliances and Japanese cars to food, furniture and toys from China and TVs from South Korea .

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