U.S. President Donald Trump's wide-ranging tariffs are expected to go into effect at 12:01 am ET, Thursday, just as the economic fallout of the president's months-long tariff threats creates visible damage to the U.

Trump’s renewed tariff push aligns with his long-standing claim that foreign governments impose unfair trade barriers on U.S. products. His “reciprocal tariff” strategy aims to match or exceed those tariffs on goods entering the U.

“RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT 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,” Trump said in a social media post.