President Trump celebrated his sweeping new tariffs finally taking effect on dozens of trading partners early Thursday. Why it matters: Trump's tariff policy has begun to impact some businesses, which warn they'll have to pass costs onto consumers.

U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth.

The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.