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.

President Donald Trump’s latest tariffs are ready to launch. Last week, Trump signed executive orders slapping tariffs of between 10% and 41% on a range of countries, but delayed their start date until Aug.

Olu Sonola, the head of U.S. economic research at Fitch Ratings, said the economy was just “starting to see” the effects of the tariffs that Mr. Trump announced in the spring, adding that with Mr. Trump’s newest duties now in place, Americans would “see that magnified” in coming months.