President Donald Trump’s sweeping “reciprocal” tariff programme came into force at 00:01 a.m. Eastern time on Thursday, imposing higher import duties on goods from more than 90 countries. The new schedule retains a 10% universal baseline but layers additional charges of between 15% and 50% on trading partners that Washington says run persistent surpluses with the United States. Key U.S. allies and neighbours feature prominently on the list. Imports from the European Union, Japan and South Korea now face a 15% levy, while Canadian goods are hit with 35%. Brazil is subject to a 50% rate, matching the top band, and Switzerland is charged 39%. India is immediately assessed at 25%, with a second 25-point penalty linked to its purchases of Russian oil set to lift the total to 50% in late August. Mexico secured a 90-day reprieve but still pays 25% on most products not covered by the USMCA trade pact. Mr. Trump, who announced the move on his Truth Social platform, said “billions of dollars” in tariff revenue would start flowing into the Treasury and predicted the measures would revive domestic manufacturing. The White House portrays the tariffs as a way to narrow trade deficits and pressure governments to sign bilateral investment deals, several of which were struck in recent weeks. Economists warn the policy could amplify inflationary pressures and slow hiring, noting that earlier tariff rounds coincided with softer payroll growth, rising input costs and a 2.9% drop in U.S. construction spending over the past year. Germany and other export-reliant economies have also reported weaker industrial output. Courts are reviewing whether the administration’s use of a 1977 emergency statute to impose the duties exceeds presidential authority, and foreign governments are weighing retaliation. Financial markets have so far taken the escalation in stride, with the S&P 500 up more than 25% from its April low. Attention now shifts to 12 August, when a 90-day truce on U.S.–China tariffs expires, and to possible additional measures, including a 100% duty on imported semiconductors and new levies on pharmaceuticals.