Trump’s new tariffs go into effect as US economy shows signs of strain

KEY TAKEAWAYS:

Trump imposes higher tariffs on over 60 countries.

EU, Japan, and South Korea face 15% import taxes .

India hit with 50% tariffs over Russian oil imports.

Economists warn tariffs could slow global and U.S. growth.

President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the U.S. economy .

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports 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