US President Donald Trump has implemented sweeping tariffs on countries around the world, urging Americans to 'hang tough' and promising historic investment and prosperity. The tariffs have taken effect and could lead to retaliation and escalating trade tensions. Trump's 10 percent 'baseline' tariff has already been implemented, and on April 9, around 60 trading partners, including the EU, Japan, and China, will face even higher rates. The tariffs have caused market collapses and economists warn of potential negative impacts on growth and inflation.