President Donald Trump’s unprecedented tariffs on global imports into the United States take effect Wednesday, reshuffling a global economic order that has largely stood for generations.

The mere announcement of the duties last week sent shock waves through global markets and caused trillions of dollars in paper losses. Now, consumers and investors alike will begin to gauge the actual impact on the U.S. economy as the cost of the import taxes starts to flow through supply chains and into businesses and household budgets.

The average tariff faced by the dozens of nations Trump targeted is 29%, with many as high as 40%. The White House posted the full list here. Chinese imports will carry a cumulative rate of 104% because of new tariffs Trump imposed this year, on top of levies he had already enacted during his first term. Those took effect late Tuesday.

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Stock indexes across Asia and Europe were sharply lower on Wednesday, and U.S. futures indicated yet another day of broad declines.

Billionaire White House advisor Elon Musk is escalating his spat with Trump's trade advisor Peter Navarro, who's widely credited for architecting the president's disastrous tariff war.

In a series of tweets, Musk cussed him out for being "truly a moron" and "dumber than a sack of bricks," after Navarro told CNBC that Tesla was "not a car manufacturer" but a "car assembler" that relies on parts from China and Taiwan.

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The escalation highlights growing tensions between Musk and Trump amid the White House's tariff war, which has caused global markets to plummet — and may well drag Musk's businesses down with it.

The tariffs could hit Tesla, whose brand has already suffered greatly due to Musk's controversial behavior, where it hurts. And it's clearly starting to test the CEO's relationship with the president.