Mr. Trump has said the two new tariffs he unveiled Wednesday — a 10% universal duty on all U.S. imports and so-called reciprocal tariffs applied to imports from about 90 nations — will revitalize American manufacturing, create jobs and generate federal revenue.

President Donald Trump's harsher-than-expected global tariffs sent economists scrambling to revise their economic estimates. They project the U.S. economy faces higher inflation, slower growth, and greater recession risks.

Free trade has been so beneficial to so many countries that the world may find a way to live without its biggest player.