WASHINGTON, D.C. (WOWO) – U.S. President Donald Trump‘s wide-ranging tariffs went into effect at 12:01 a.m. ET on Thursday, just as the economic fallout of his months of threatening them is surfacing in visible damage to the economy.

The import taxes will reach a level not seen in the U.S. in almost 100 years, with Americans expected to pay an average of 18.3% more for imported products. That’s the highest rate since 1934, according to the Budget Lab at Yale, a nonpartisan policy research center.

Companies are dealing with the tariffs in various ways. For example, many automakers appear to be swallowing the costs for now. But most economists say the cost will ultimately be borne by U.S. consumers and businesses to some degree.

What to know:

• What countries are impacted by the tariffs: More than 60 countries and the European Union face tariff rates of 10% or higher. Among the countries with higher rates is India. Trump signed an executive order Wednesday to place an additional 25% tariff on India for its purchases of Russian oil, bringing the combined tariffs imposed by the United States on its ally to 50%, to go into effect later this month.
• Trump has used tariff threats to exert political pressure: Trump has directly tied Brazil’s 50% tariff on many imported goods to the trial of his embattled ally, former Brazilian President Jair Bolsonaro, who is currently under house arrest. The White House has placed the tariff rate on U.S. imports from Canada at 35%, saying Canada had failed to “do more to arrest, seize, detain or otherwise intercept … traffickers, criminals at large, and illicit drugs.”
• Trump has previously pushed back the date tariffs will take effect: Trump imposed the deadline after his previous tariffs in April resulted in a stock market panic. His unusually high tariff rates led to recession fears — prompting Trump to impose a 90-day negotiating period. When he was unable to create enough trade deals with other countries, he extended the timeline and sent out letters to world leaders that simply listed rates, prompting a slew of hasty deals.