Trump says reciprocal tariffs have taken effect with billions of dollars at stake

WASHINGTON

President Donald Trump heralded late Wednesday the imposition of reciprocal tariffs on more than 90 countries, saying billions of dollars in import duties would be collected

"RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT (0400GMT) TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA," Trump said on social media.

"THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" he added.

The president was likely referring to ongoing court cases in which his authority to impose the tariffs is being challenged. Suits have been brought against Trump's tariff initiative by companies and states that allege economic harm caused by the policies.

The cases are almost certain to be argued all the way to the Supreme Court after the plaintiffs secured successive court victories, prompting appeals from the Trump administration.

The tariffs have also sparked fears that will contribute to higher prices for consumers at a time when Federal Reserve Chairman Jerome Powell has been cautious about further cutting interest rates amid sharp economic uncertainty.

WASHINGTON

President Donald Trump heralded late Wednesday the imposition of reciprocal tariffs on more than 90 countries, saying billions of dollars in import duties would be collected

"THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" he added.

The cases are almost certain to be argued all the way to the Supreme Court after the plaintiffs secured successive court victories, prompting appeals from the Trump administration.