New tariff rates on U.S. imports, initiated under President Donald Trump 's administration, came into effect on Thursday, marking a significant development in his reshaping of global trade. These measures include potential tariffs of up to 200% on pharmaceutical imports and a 100% import tax on computer chips.

President Donald Trump just enacted a new wave of tariffs on dozens of America’s trading partners, marking a substantial escalation in ongoing trade tensions that could constitute the biggest change to the global economy in nearly a century.

The U.S. began officially levying higher taxes on imports from dozens of countries Thursday, four months after President Donald Trump first announced plans to impose tariffs on most of the world while seeking new trade agreements across the board.