Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

President Donald Trump’s wave of tariffs went into effect at 12:01 a.m. Wednesday as the vast majority of U.S. trading partners look to head off the barrier taxes with last-minute deals with the White House.

The U.S. and China have escalated trade war by raising tariffs even as Trump hit a pause on tariffs for other countries.

Some European Central Bank officials were more pessimistic and estimated the impact of the U.S. tariffs on the EU economy at between 0.5% and 1.0% of GDP, depending on how the tra

China had raised its duty on American goods to 84% in tit-for-tat hikes that threaten to disrupt trade between the world’s two largest economies.

President Donald Trump's trade war rattled global markets anew on Thursday as stocks and oil prices sank amid fears China may once again respond in kind with higher tariffs to match the latest levies imposed by the United States.

Trump defended the tariffs he imposed on other nations but acknowledged some problems with the rollout in a meeting with his Cabinet, "but in the end it's going to be a beautiful thing." Meanwhile, the White House raised the tariffs on all Chinese exports to 125% after Beijing's latest round of retaliation -- that's in addition to the 20% fentanyl-related tariffs imposed in early February,

But the European Commission President warned: "If negotiations are not satisfactory, our countermeasures will kick in."