WASHINGTON (AP) — Not even 24 hours after his party lost a key Wisconsin race and underperformed in Florida, President Donald Trump followed the playbook that has defined his political career: He doubled down.

This is CNBC’s coverage of how U.S. trade partners, industries and employers respond to President Donald Trump’s historic tariffs.

The Trump administration took that formula’s figure, -0.5 for South Korea, and divided it by two to calculate the U.S. “discounted reciprocal” tariff rate. So, while South Korea imposes an effective tariff rate of .79 percent on U.S. goods, the reciprocal tariff rate the U.S. is imposing on South Korea is 25 percent.

Consumers are also likely to feel the pinch of tariffs in home buying, Breyault said. The new taxes on building materials are estimated to increase the average costs of a new home by $9,200, according to an analysis by the National Association of Home Builders.

President Donald Trump has announced far-reaching new tariffs on nearly all U.S. trading partners — including a 34% tax on imports from China and 20% on the European Union, among others.

For instance, Trump said, the U.S. estimated a total trade barrier rate of 67% for China, meaning the U.S. would impose a 34% tariff in response. The U.S. assessed a European Union trade barrier rate of 39%, Trump said, adding that the U.S. reciprocal tariff would register at 20%.

Attempting to defend Trump's tariffs, the White House points to studies that show they raise prices, cut manufacturing output, and lead to costly retaliation.

The absence of Russia on the president’s new list of countries that he’ll hit with steep tariffs did not go unnoticed on social media. Critics were quick to accuse Trump of kowtowing to Russian President Vladimir Putin, whom Trump has for years expressed his admiration of.

Former President Barack Obama and former Vice President Kamala Harris, in separate remarks on Thursday, criticized President Donald Trump and the White House.