President Trump's sweeping tariffs on dozens of countries went into effect Thursday morning after the clock struck midnight, marking a historic escalation in global trade tensions.

The big picture: After a lengthy delay, the levies — as high as 50% — are finally here, and they could start impacting pocketbooks in the months ahead. • Some tariffs that have already taken effect have generated substantial income for the government, as the administration has been eager to tout. • But a growing number of consumer goods companies, which for months have idled in a trade limbo, are warning they'll have to raise prices as they grapple with tariff-induced cost increases.

Driving the news: Trump, in a Truth Social post minutes before midnight Thursday, claimed that "BILLIONS OF DOLLARS IN TARIF

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