Pres­i­dent Don­ald Trump be­gan levy­ing high­er im­port tax­es on dozens of coun­tries Thurs­day, just as the eco­nom­ic fall­out of his month­s­long tar­iff threats has be­gun to cre­ate vis­i­ble dam­age for the U.S. econ­o­my.

The im­port tax­es are at a lev­el not seen in the U.S. in al­most 100 years, with Amer­i­cans ex­pect­ed to pay an av­er­age of 18.3% more for im­port­ed prod­ucts. That’s the high­est rate since 1934, ac­cord­ing to the Bud­get Lab at Yale, a non­par­ti­san pol­i­cy re­search cen­ter.

De­spite the un­cer­tain­ty, the Trump White House is con­fi­dent busi­ness­es will ramp up new in­vest­ments and jump-start hir­ing in ways that can re­bal­ance the U.S. econ­o­my as a man­u­fac­tur­ing pow­er.