President Donald Trump’s unprecedented tariffs on global imports into the United States took effect Wednesday, reshuffling a global economic order that has largely stood for generations and prompting new retaliations from China and Europe.

Now, consumers and investors alike will begin to gauge the actual impact on the U.S. economy as the cost of the import taxes starts to flow through supply chains and into businesses and household budgets.

The most immediate response from investors came in the market for government bonds. Contrary to the goals of the Trump administration, U.S. borrowing costs began to climb immediately after the tariffs came into effect overnight — an unexpected move that, combined with falling stock prices, caused some analysts to raise the prospect of broader financial instability.

In a post on X, former Treasury Secretary Lawrence Summers said development represented a "highly unusual pattern" that suggests "a generalized aversion to US assets in global financial markets.

"We are being treated by global financial markets like a problematic emerging market," he wrote.

Meanwhile, Walmart and Delta Air Lines both withdrew earnings guidance Wednesday morning based on the uncertainty Trump's scheme has generated, while JPMorgan Chase CEO said an interview that a recession in the U.S. was now likely.

The average tariff faced by the dozens of nations Trump targeted is 29%, with many as high as 40%. The White House has posted the full list on its website.

Chinese imports will carry a cumulative rate of as much as 104% because of new tariffs Trump imposed this year, on top of levies he had already enacted during his first term.

In response, China announced Wednesday morning it was raising retaliatory duties on imports from the U.S. from 34% to 84%, while the EU agreed to slap duties of as much as 25% on U.S. imports starting next week.