US President Donald Trump's sweeping new tariffs on countries around the world have come into effect in an escalation of his trade war. "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" he said on social media minutes before midnight in Washington, DC.

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.

President Donald Trump’s sweeping new tariffs finally took effect on Thursday, slapping levies on dozens of countries and risking price increases for a host of everyday goods. Tariffs between 10% and 41% were applied to nearly 70 countries beginning at 12:01 a.m. Thursday, significantly expanding the reach of Trump’s confrontational trade policy.