Trump's broad tariffs go into effect just as US economic pain is surfacing

President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the US economy.

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Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10 percent or higher. Products from the EU, Japan and South Korea are taxed at 15 per cent, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20 per cent. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.

"I think the growth is going to be unprecedented," Trump said Wednesday. He said the US was "taking in hundreds of billions of dollars in tariffs," but did not provide a specific figure for revenues because "we don't even know what the final number is" regarding the rates.

Despite the uncertainty, the White House is confident that the onset of his tariffs will provide clarity about the path for the world's largest economy. Now that companies understand the direction the US is headed, the Republican administration believes it can ramp up new investments and jump-start hiring in ways that can rebalance America as a manufacturing power.