New tariff rates on U.S. imports, initiated under President Donald Trump 's administration, came into effect on Thursday, marking a significant development in his reshaping of global trade. These measures include potential tariffs of up to 200% on pharmaceutical imports and a 100% import tax on computer chips.

Olu Sonola, the head of U.S. economic research at Fitch Ratings, said the economy was just “starting to see” the effects of the tariffs that Mr. Trump announced in the spring, adding that with Mr. Trump’s newest duties now in place, Americans would “see that magnified” in coming months.