'It's Midnight!' Trump Celebrates His New Tariffs

President Trump's new tariffs took effect Thursday morning on dozens of countries, and this time the stock market seems unfazed, reports the Wall Street Journal. Dow futures were up about 250 points, or 0.6%, and the benchmark S&P 500 was up by a slightly higher percentage. Global stocks also were mostly higher.

• Celebration: Trump heralded the start of the tariffs on Truth Social. "Billions of dollars, largely from countries that have taken advantage of the United States for many years, laughing all the way, will start flowing into the USA," he wrote just before midnight. When the deadline struck, the president celebrated the moment. "It's midnight!!!" he wrote.
• An asterisk: The New York Times reports that tariffs have brought in $152 billion through customs collections through July, but the story also points out that more businesses are signaling they can't keep absorbing the higher cost of foreign goods and parts without raising prices. In fact, the latest inflation numbers show that appliances, clothing, and furniture already are getting more expensive.

• The penalties: More than 90 nations now have higher tariffs, and the BBC has a country-by-country list. Many, including those in the European Union, are in the 15% to 20% range. But steeper ones include Switzerland (39%), Syria (41%), and Myanmar (40%), per CNBC. Brazil and India, meanwhile, face 50% tariffs as punitive measures (India for buying Russian oil). Canada has a 35% penalty for many goods, while Mexico and China's rates are in limbo amid negotiations.
• Still talking: Though the deadline is here, the Journal notes that furious negotiations continue as nations seek exemptions for certain products or lower rates in general.