WASHINGTON (AP) — President Donald Trump is placing steep new tariffs on virtually all U.S. trading partners, stoking fears of rising prices for consumers and deepening trade wars.

The tariffs hit allies and rivals alike. The Republican president is placing a 10% baseline tax on trading partners around the globe and is setting heftier levies on major partners with which the U.S. has a trade deficit like China, the European Union and Japan.

While Trump had suggested the tariffs were a negotiating tool to lower the taxes paid on U.S. exports, he described his plan as one that would boost domestic manufacturing and raise federal revenues. It has unsettled global financial markets and sparked concerns about inflation and slowing global growth.

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