The Trump administration touts tariffs as part of a wider set of "America First economic policies," which have "sparked trillions of dollars in new investment in U.S. manufacturing, technology, and infrastructure," according to the White House's website.

The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.

President Donald Trump and EU Commission President Ursula von der Leyen announced a trade deal framework setting a 15% baseline tariff on most EU goods, down from Trump's planned 20% tariff.