This analysis from the CSIS Economics Program and Scholl Chair in International Business unpacks the April 2 tariff announcements from the White House.

President Donald Trump's "reciprocal' tariffs against U.S. trading partners went into effect at midnight Wednesday, raising costs to import goods from China, Europe Southeast Asia and more.

Trump has repeatedly called April 2 "Liberation Day." He is expected to enact reciprocal tariffs on major trading partners, especially those that contribute the most to the $1.2 trillion U.S. trade deficit.

Facing a global market meltdown, President Donald Trump on Wednesday abruptly backed off his tariffs on most nations for 90 days, but raised his tax rate on Chinese imports to 125%

The tariff fight between the world’s two largest economies escalated as President Trump tried to narrow his global trade war into a direct face off with Beijing.

Mr Trump announced the 90-day delay on social media on Wednesday night, making the concession to countries he said had not hit back against his levies, while simultaneously raising import taxes on China from 104pc to 125pc.

Trump defended the tariffs he imposed on other nations but acknowledged some problems with the rollout in a meeting with his Cabinet, "but in the end it's going to be a beautiful thing." Meanwhile, the White House raised the tariffs on all Chinese exports to 125% after Beijing's latest round of retaliation -- that's in addition to the 20% fentanyl-related tariffs imposed in early February,

US President Donald Trump's political allies reacted with relief after Wednesday's U-turn on tariffs, insisting it was part of a wider plan. Trump backed off imposing worldwide higher-rate tariffs, or taxes on imports.

President Trump backed off many of his tariffs on Wednesday while ramping up the trade war with China. Rep. Jim Jordan, an Ohio Republican, joined "On Balance" to discuss Trump's decision.