A new wave of U.S. import tariffs took effect just after midnight Eastern Time on 7 August, marking the most extensive rewrite of American trade policy in nearly a century. The duties, set by President Donald Trump, cover goods from more than 90 countries and raise the average U.S. import levy to above 17 percent—its highest level since the 1930s. Under the framework, partners with which the United States runs trade deficits face steeper ‘reciprocal’ rates. The European Union, Japan and South Korea now pay 15 percent; Taiwan, Vietnam and Bangladesh 20 percent. Switzerland is hit with a 39 percent duty after last-minute talks failed, while Canada faces 35 percent and Brazil 50 percent. India’s rate jumps to 25 percent immediately and will double to 50 percent on 27 August unless New Delhi curbs purchases of Russian oil. China remains on a separate 30 percent schedule until a trade truce expires on 12 August. The White House says the tariffs will spur domestic manufacturing and generate substantial revenue. Commerce Secretary Howard Lutnick told Fox Business the measures could bring in as much as US$50 billion a month. Trump has also tied lower rates to foreign investment commitments, insisting that allies channel “hundreds of billions of dollars” into U.S. plants. Economists, meanwhile, warn that higher import costs are beginning to feed through to consumer prices and hiring data. Financial markets largely took the rollout in stride. On Thursday the Dow Jones Industrial Average fell 0.5 percent, the S&P 500 slipped 0.1 percent, and the Nasdaq Composite gained 0.3 percent to close at a record high, helped by a 3.2 percent rise in Apple after the administration signalled exemptions for firms manufacturing semiconductors on U.S. soil. Asian and European indices also ended higher, suggesting investors see limited short-term disruption even as trading partners scramble for relief.