"Reciprocal" tariffs on nearly 70 countries take effect at midnight, as Trump takes aim at the tech industry. He threatened 100% tariffs on chips and semiconductors unless companies commit to more U.S.

President Donald Trump on Thursday imposed once unthinkably high U.S. taxes on imports from dozens of countries, part of his campaign to turn one of the world's most open economies into a fortress bristling with barriers to trade.

Trump’s tariffs on products like steel, chips, and medicines could raise U.S. consumer prices as companies pass higher import costs onto buyers.