(TNND) — New tariffs on more than 60 countries took effect on Thursday.

President Donald Trump celebrated the occasion via Truth Social at midnight.

“BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!” Trump posted.

The White House says customs and tariff revenues have totaled over $150 billion since Trump took office.

The Budget Lab at Yale estimated that the new tariffs will raise over $2 trillion in revenue for the U.S. government over the next decade.

The White House said Trump has reached eight deals with major trading partners, including the European Union and Japan.

And the administration has touted an influx of investment in domestic manufacturing.

A researcher for The National News Desk found over $1 trillion in new investment since late March, including an announcement Wednesday with Apple committing another $100 billion to expand its operations within the U.S.

But consumers and experts alike expect American companies and families to shoulder at least part of the burden of the new tariffs.

The Yale Budget Lab said the effective tariff rate has increased from about 2.5% at the start of the year to about 18.5% now.

It’s now the highest since 1933.

And the Budget Lab estimated that the average American household will take a $2,400 hit from tariffs this year.

Trump has talked about tariffs for a long time, but his current tariff policy really kicked into high gear in early April with his "liberation day" announcement of reciprocal tariffs.

Meanwhile, retailers tried to buffer themselves from the impact of tariffs by pulling forward imports as much as possible.

But pre-tariff inventories are dwindling, and tariffs are possibly starting to impact prices at the store.

Inflation ticked up in June to 2.7% from 2.4% the month before. July’s consumer price index report, an often-cited measure of inflation, will be released next week.

Trump’s reciprocal tariffs were on hold for months after his "liberation day" announcement as he sought to negotiate more favorable trade deals with other countries.

During the pause, Trump maintained a 10% baseline tariff on most countries, with higher tariffs on China, Canada, Mexico and on some products.

The new round of reciprocal tariffs mostly range from 15% to 40%.

About 40 of the tariffs that went into effect Thursday come in at 15%.

Trump's top trade negotiator, Jamieson Greer, told CBS' "Face the Nation" last weekend that "tariff rates are pretty much set."

But some experts say trade policy remains highly unsettled.

“The only certainty is uncertainty,” Tad DeHaven, a policy analyst at the Cato Institute, told TNND earlier this week.

Bankrate Senior Economic Analyst Mark Hamrick told TNND that tariff policy will “be a follow-the-bouncing-ball situation depending on whatever it is the president has in mind on any given day.”

And then there’s the legal challenge to Trump’s use of the International Emergency Economic Powers Act as justification for many of his tariffs.

Colorado State University economist Stephan Weiler said Thursday that it’s too soon to know fully how tariffs will impact American consumers.

“There's signals that prices are rising,” Weiler said. “That's partially tariffs. But interestingly, firms are willing to eat some of it.”

Consumers and companies will make some substitutions, he said.

And the total cost of tariffs should get diffused in the supply chain, he said.

But Weiler said it’s clear that companies can’t absorb the full cost of tariffs.

DeHaven said earlier this week that there’s no question that consumers end up paying for tariffs.

“Countries don't trade with each other. People and businesses in countries engage in trade with each other, and then governments in countries get in the way of that,” he said.

And James Knightley, ING’s chief international economist, told TNND last week that any long-term benefits for America from higher tariffs will come with near-term costs of higher prices.

“Because this notion or the idea that foreigners will pay the tariff has obviously been thrown out the window now,” Knightley said. “I think no one really believed it, and consumers certainly didn't believe it.”

Consumer sentiment has taken a hit from tariffs. Sentiment cratered in April after the announcement of the reciprocal tariffs.

Sentiment has rebounded somewhat since then, but people “are still quite worried about potential risks to the economy if ... trade policy continues to have high tariffs or uncertain tariffs that will make it difficult for businesses and consumers to plan,” Joanne Hsu, the director of the University of Michigan's long-running consumer sentiment survey, told TNND last month.

Tariff policy with some of America’s biggest trading partners remains unresolved.

Trump recently boosted the tariff on Canada, and it’s unclear if the two sides are willing to negotiate.

Canada, which is our second-largest trading partner, is subject to 50% tariffs on steel and aluminum, 25% tariffs on autos, and now 35% on goods that don't follow the rules of the United States-Mexico-Canada Agreement.

Trump gave Mexico 90 more days to negotiate a trade deal.

And the U.S. and China face an Aug. 12 deadline to reach an agreement before tariffs snap back above 80%, Greer told CBS.