Mr. Trump has said the two new tariffs he unveiled yesterday — a 10% universal duty on all U.S. imports and so-called reciprocal tariffs applied to imports from 90 nations — will revitalize American manufacturing, create jobs and generate federal revenue.

President Donald Trump promised tariffs that would raise U.S. import taxes high enough to mirror what other assess as trade penalties on American goods.

Donald Trump's team used a formula to calculate who pays what in a sweeping round of global tariffs. Richard Bravo breaks down how it works.

The trade war President Donald Trump promised has begun, threatening the world economy and straining the United States’ longstanding alliances in Europe and Asia

Tariffs are taxes charged on goods imported from other countries. Companies bringing the goods into the country pay the amount, typically a percentage of the goods' value, to the government. Trump has announced a 10% "baseline" tariff on all imports to the US – this is what the UK will face.

Taking the trade deficit that America runs with that nation and dividing it by the exports that country sent into the United States. Then, because Mr. Trump said he was being “kind,” the final tariff number was cut in half.

Trump said tariffs will force other countries to lower their own rates on U.S. goods and services. But other nations are planning to retaliate.

President Donald Trump’s speech announcing a huge increase in tariffs on American trading partners was riddled with falsehoods and misleading statements on trade that he has made for years. But now they are determining policy that will increase the costs of goods for many Americans.

But the reciprocal tariffs turned out not to be based on actual levies imposed by other countries. Instead, they’re based on a formula made up by the White House ― and widely mocked by experts. Douglas Holtz-Eakin,

President Trump unveiled a universal import duty of 10% on all products, as well as reciprocal tariffs on imports from 60 nations.

Some countries are promising swift countermeasures; others are asking for an opportunity to negotiate with the U.S. to avoid trade war.

It comes as the president recently announced a 25% tariff on imported vehicles and some auto parts among other tariffs.

Updates and the latest news as Democrat wins Wisconsin Supreme Court race, Republicans win House seats in Florida and Trump announces sweeping tariffs on imports.

Today is, in President Trump’s telling, “Liberation Day.” For decades, many countries have imposed higher trade barriers on the United States than America does on them. In a Rose Garden event, Trump plans to strike back with tariffs that he claims will be “reciprocal” — ones that merely counter the penalties of other nations.

UBS said that in the coming quarters, tariffs are expected to be notched down for some nations and inched higher for others.

Follow live updates and the latest news on Trump’s tariffs, including market reactions to his administration's new trade policy as it rolls out.

Stock markets around the world are reacting negatively to President Donald Trump's new tariffs, creating "deep unease and worry" about what the actions will do to global economies. NBC’s Christine Romans joins TODAY to break down how this will impact Wall Street and main street.

Senate Republicans are bracing for the passage of a bipartisan bill to undo President Trump’s 25-percent tariff against Canada, which would deal Trump an embarrassing setback on “Liberation Day,” an occasion the president has proclaimed to announce a new round of tariffs.