President Donald Trump just enacted a new wave of tariffs on dozens of America’s trading partners, marking a substantial escalation in ongoing trade tensions that could constitute the biggest change to the global economy in nearly a century.

Brazil faces one of the highest US tariff rates in the world, with a 50% rate applied to most goods. India is also set to be hit with a 50% rate, effective from 27 August. Negotiations are still under way, with both Washington and Beijing agreeing to delay any new tariffs until 12 August.

US President Donald Trump's sweeping new tariffs on countries around the world have come into effect in an escalation of his trade war. "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!