Trump's broad tariffs now in effect. Here's what you need to know

WASHINGTON (NewsNation) — President Donald Trump began imposing new import taxes on goods from several countries Thursday as part of his strategy to reduce the trade deficit and encourage foreign investment in the United States.

As of midnight, products from more than 60 countries and the European Union became subject to tariffs ranging from 10% to 50%. Imports from the EU, Japan and South Korea are now taxed at 15%, while goods from Taiwan, Vietnam, and Bangladesh are taxed at 20%. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the U.S.

In a Truth Social post, Trump claimed other countries had been “laughing” for years over unbalanced tariffs, and that the only thing that could block what he described as "America's greatness" is a "radical