Trump's broad tariffs go into effect Thursday. What we know

President Donald Trump started imposing higher import taxes on dozens of countries on Thursday.

This news comes a day after Trump announced additional 25% tariffs to be imposed on India for its buying of Russian oil, bringing its total import taxes to 50%.

"I think the growth is going to be unprecedented," Trump told reporters Wednesday. He said the U.S. 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.

Which countries are impacted by tariffs?

Why you should care:

The Associated Press reported that goods from over 60 countries and the European Union are subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20%. President Donald Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the U.S.

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Why is Trump enforcing tariffs?

Dig deeper:

The enforcement of the tariffs on Thursday is part of President Donald Trump's strategy to lower the trade deficit and encourage foreign investment in the U.S.

However, importers sought to avoid the taxes by importing more goods before the taxes went into effect. As a result, the Associated Press reported that a $582.7 billion trade imbalance for the first half of 2025 was 38% higher than last year. Total construction spending has dropped 2.9% over the past year.

Trump's use of a 1977 law to declare an economic emergency to impose the tariffs is also being challenged. According to the Associated Press, an upcoming ruling from a July 31 hearing before a U.S. appeals court could cause Trump to seek other legal justifications if judges say he exceeded his authority.

Trump asserts that the U.S. trade deficit is so severe that it qualifies for the law’s protection.

According to the AP, President Jimmy Carter signed a law in 1977 allowing the president to seize assets and block transactions during a national emergency. It was first used during the Iran hostage crisis and has since been used for the 9/11 attacks and the Syrian civil war.