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| Workers in Guangzhou, China. Qilai Shen for The New York Times |
President Trump’s global tariffs took effect this morning. They hit nearly all U.S. allies and raised import taxes on Chinese goods to at least 104 percent. Stocks slumped in Asia and Europe in response. Investors are worried about a global recession. (Read the latest news here.)
China has retaliated with its own tariffs, set to take effect at midday, and the European Union is preparing a response. Many world leaders are trying to negotiate. Trump said 70 governments had approached the U.S., and many have scheduled phone calls and sent delegations to Washington. The administration is expected to begin talks with Japan and South Korea.
Still confused by the tariffs? These charts will answer all your questions.
- Elon Musk called Peter Navarro, Trump’s top trade adviser, a “moron” and “dumber than a sack of bricks” as tensions between the two exploded.
- Trump wants to eliminate trade deficits with every U.S. trading partner. Many economists say that doesn’t make sense.
- The global trading system is another example of the Trump administration tearing something apart, only to reveal that it has no plan to replace it, David Sanger writes.