President Trump's sweeping tariffs on dozens of countries went into effect Thursday morning after the clock struck midnight, marking a historic escalation in global trade tensions. The big picture: After a lengthy delay,

Price increases were set to hit coffee, shoes, appliances and other products as a result of the new levies, analysts previously told ABC News. Tariffs put forward so far by Trump are expected to cost an average household an additional $2,400 this year, the Yale Budget Lab found last week.

Yet even as tariffs kicked in, Trump and his team continue to negotiate with — and threaten — other countries and industries in an effort to make trade deals.