Trump's tariffs go into effect, impacting multiple countries

President Donald Trump's tariffs went into effect Wednesday morning, impacting trading partners around the world. 

The U.S. began charging reciprocal tariffs on about 60 countries, beginning Wednesday at 12:01 a.m. ET. 

Trump says that these tariffs will benefit the U.S. economy and bring about fairer trade while economists are predicting a recession as a result. 

Billionaire fund manager Bill Ackman and Trump ally on Monday warned that disproportionate tariffs on friends and enemies of the U.S. will launch a global and economic war.

Since Trump announced the slew of tariffs last week, leaders of nations such as Israel and Japan have reached out to negotiate a deal.

Meanwhile, other countries such as China have responded with retaliatory tariffs. China said Wednesday it is raising its retaliatory tariffs on the U.S. to 84%.