New tariffs snap into effect, raising import taxes to highest level since Great Depression

After months of delays and extensions, President Donald Trump’s comprehensive and sweeping tariffs slate took effect Thursday just after midnight ET, shifting his global trade reset into high gear

After months of delays and extensions, President Donald Trump’s comprehensive and sweeping tariffs slate took effect Thursday just after midnight ET, shifting his global trade reset into high gear.

Most imports into the United States will now face a baseline 10% duty, with the overall average effective tariff rate rising to more than 17% — the highest since 1935, during the Great Depression — thanks to higher duties on some of the biggest U.S. trading partners, according to the nonpartisan Yale Budget Lab think tank.

A wide variety of products will be hit. Tariffs will be collected on everything from European Union appliances and Japanese cars to food, furniture and toys from China and TVs from South Korea. Selected oil and gas imports, along with some smartphones and a suite of goods covered by a pre-existing trade agreement with Canada and Mexico, are not affected.

Together, the duties are the most significant move yet by a president set on tilting the global economy even more in favor of the United States.

Trump was online to celebrate the moment.