U.S. tariffs are now in effect on imports after months of delays, extensions and negotiations.

President Donald Trump imposed high tariffs on imports from 66 countries, including the European Union, Taiwan and the Falkland Islands.

>> What to know about Trump’s newest and most sweeping tariffs

Tariffs range from 10% to as high as 50% on goods entering the U.S., with many products subject to a baseline 10% tariff and higher rates applying to specific countries, according to the Associated Press.

These tariffs aim to protect U.S. industries by increasing the cost of foreign products and reducing trade openness.

The AP also reported that Toyota reported a 37% drop in profits for the April-June quarter on Thursday, which led the company to cut its full-year earnings forecasts largely due

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