Washington: President Donald Trump announced late Wednesday the activation of reciprocal tariffs affecting over 90 countries, stating that billions of dollars in import duties are expected to be collected as a result.

According to Anadolu Agency, Trump took to social media to proclaim, "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT (0400GMT) TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA." He further warned that "THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" This statement likely refers to ongoing legal challenges questioning his authority to impose these tariffs.

Lawsuits have been filed against the tariff initiative by various companies and states, claiming economic damage from the policies. These cases are expected to reach the Supreme Court after plaintiffs achieved successive victories in lower courts, leading to appeals from the Trump administration.

Concerns have been raised that these tariffs might lead to higher consumer prices, especially at a time when Federal Reserve Chairman Jerome Powell has shown caution in further reducing interest rates amid prevailing economic uncertainties.