“President Donald Trump’s new tariffs, affecting more than 90 countries, take effect today. The tariffs range from 10 percent to 50 percent, depending on the product and country. Brazil faces the steepest tariffs of 50 percent on most goods, and Trump announced a 50 percent tariff on India just yesterday which will take effect later this month, according to news reports.”

Tariffs Take Effect | Features | Floor Covering Weekly

“After months of delay and backroom dealmaking, the Trump administration has imposed sweeping tariffs on nearly 100 countries, sending U.S. import duties soaring to their highest levels in nearly a century. The new rates range from 10 to 15 percent for Japan, the E.U., and the U.K. that negotiated agreements and as high as 50 percent on nations such as Brazil and India. India's tariffs are scheduled to take effect in three weeks.Meantime, many countries continue to work behind the scenes to negotiate more favorable deals.To help break down the impact of the new tariffs and interpret some of the other signs we're seeing across the economy, we're joined again by Diane Swonk. She's chief economist at KPMG. That's the global consulting and accounting firm.Diane, it's always great to see you.So the Yale Budget Lab ran the numbers and found that the average effective tariff rate is now about 18 percent. That's the highest it's been since 1933. Put that into perspective for us. What does that mean for the U.S. economy overall?Well, what's really important is that tariffs tend to be — historically, they're a one and done, a bump-up and a one time increase in price levels.But this doubling of tariffs, basically doubling from what we saw in June, the effective tariff rate, that is not only going to add to another increase in prices, which we're only beginning to see the early signs of right now, but also the tariffs are so large that they also squeeze profit margins and that means cost-cutting or layoffs.”

As Trump's tariffs kick in, economist breaks down inflation and recession warning signs