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

(CNN) — 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.