Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

The US dollar has been falling as President Donald Trump rolls out his tariffs, and it plunged after he unveiled much steeper-than-expected duties on "Liberation Day." That goes against what markets had anticipated before he launched his trade war.

Analysts at Wedbush Securities and Goldman Sachs as well as top economist Larry Summers predicted much economic pain ahead.

All U.S. imports face a baseline 10% tariff, effective Saturday. + Higher rates will apply to partners judged "bad actors" on trade. For example, Japan faces a 24% duty and the European Union faces a 20% levy,

President Donald Trump announced sweeping tariffs on most nations Wednesday, which his administration says will free the United States from relying on other countries for trade. The president has framed these tariffs as “reciprocal” to match trade barriers that other countries impose on products from the U.

Trump’s tariffs are a non-strategic, “broadly inflationary” tantrum backed by clearly contradictory rationales, according to trade expert Todd Tucker.

President Donald Trump revealed his tariff plans as part of a "Liberation Day" ceremony at the White House. Uncertainty over tariffs has roiled financial markets in recent weeks.

President Donald Trump’s slew of “Liberation Day” tariffs announced Wednesday has investors worrying his protectionist politics could plunge the United States, and the world, into a recession. The stock market plunged on Thursday,

The White House had finalized a TikTok divestment deal earlier this week before President Donald Trump’s “Liberation Day” tariff rollout flipped the Chinese government’s position on the issue, the Washington Examiner has learned.