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%.