US President Donald Trump's sweeping new tariffs on countries around the world have come into effect in an escalation of his trade war. "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" he said on social media minutes before midnight in Washington, DC.

The Indian prime minister has said his country "is ready" to react to President Donald Trump's additional 25 percent levy on goods entering the U.S.

Import taxes on Indian goods were already set to go to 25 percent after midnight Thursday. The rate would double in three weeks under a White House order.