Scott Horsley

imports, along with a much higher tax that could more than double the price of goods coming in from China. Scott Horsley, NPR News, Washington.

Double-digit tariffs on goods from dozens of countries kicked in overnight. U.S. importers are now paying 20 percent more on most things they buy from Europe, 24 percent more on imports from Japan, and the tax on goods from China now totals more than 100 percent. China punched back, announcing an extra 50 percent tariff of its own on U.S. exports. That takes effect tomorrow.

Double-digit tariffs on goods from dozens of countries kicked in overnight. U.S. importers are now paying 20 percent more on most things they buy from Europe, 24 percent more on imports from Japan, and the tax on goods from China now totals more than 100 percent. China punched back, announcing an extra 50 percent tariff of its own on U.S. exports. That takes effect tomorrow.

The escalating trade war has sparked fears of a worldwide economic slowdown, pushing the price of crude oil to a four-year low. Investors are also dumping U.S. treasuries. That's caused a sharp jump in U.S. borrowing costs, which will likely make mortgage rates here even less affordable. Scott Horsley, NPR News, Washington.

The escalating trade war has sparked fears of a worldwide economic slowdown, pushing the price of crude oil to a four-year low. Investors are also dumping U.S. treasuries. That's caused a sharp jump in U.S. borrowing costs, which will likely make mortgage rates here even less affordable. Scott Horsley, NPR News, Washington.

Stocks have mostly nosedived in the U.S. and around the world since President Trump announced his sweeping tariffs last week, but domestic stocks briefly rallied on hopes the administration might be willing to suspend some of those tariffs as it negotiates with other countries.

Stocks have mostly nosedived in the U.S. and around the world since President Trump announced his sweeping tariffs last week, but domestic stocks briefly rallied on hopes the administration might be willing to suspend some of those tariffs as it negotiates with other countries.

President Trump spoke by telephone with Japan's prime minister, and the head of the European Commission said her side is always ready to make a good deal. The short-lived rally is a sign of just how desperate many investors are for some relief from the tariffs, which threaten to raise prices and slow economic growth.

President Trump spoke by telephone with Japan's prime minister, and the head of the European Commission said her side is always ready to make a good deal. The short-lived rally is a sign of just how desperate many investors are for some relief from the tariffs, which threaten to raise prices and slow economic growth.

Trump is warning of even higher tariffs on imports from China if that country moves forward with its own taxes on U.S. exports. Scott Horsley, NPR News, Washington.

Trump is warning of even higher tariffs on imports from China if that country moves forward with its own taxes on U.S. exports. Scott Horsley, NPR News, Washington.

Fallout from the far-reaching tariff plan that Trump announced two days ago continues to pummel financial markets. China promised to retaliate with steep tariffs of its own on U.S. exports. Federal Reserve Chairman Jerome Powell acknowledged Trump's import taxes are higher than most people expected.

Fallout from the far-reaching tariff plan that Trump announced two days ago continues to pummel financial markets. China promised to retaliate with steep tariffs of its own on U.S. exports. Federal Reserve Chairman Jerome Powell acknowledged Trump's import taxes are higher than most people expected.

As a result, Powell says they'll likely push prices up and slow the economy down more than many people anticipated. There was some positive economic news. The Labor Department reports that U.S. employers added 228,000 jobs last month, more than twice as many as the month before. That count is a little stale, though, since it was taken three weeks ago before this week's tariff turmoil.

As a result, Powell says they'll likely push prices up and slow the economy down more than many people anticipated. There was some positive economic news. The Labor Department reports that U.S. employers added 228,000 jobs last month, more than twice as many as the month before. That count is a little stale, though, since it was taken three weeks ago before this week's tariff turmoil.

Scott Horsley, NPR News, Washington.

Scott Horsley, NPR News, Washington.

You want to follow what's happening in Washington, D.C., but you don't want to be scrolling your phone all day. I'm Scott Detrow, and NPR has a podcast that can help. It's called Trump's Terms. Stories about big changes the 47th president is pursuing on his own terms. They're short, they're focused episodes that tell you calmly, factually, what is happening and what isn't.

You want to follow what's happening in Washington, D.C., but you don't want to be scrolling your phone all day. I'm Scott Detrow, and NPR has a podcast that can help. It's called Trump's Terms. Stories about big changes the 47th president is pursuing on his own terms. They're short, they're focused episodes that tell you calmly, factually, what is happening and what isn't.

Listen to Trump's Terms from NPR.