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Hey, from CNN, I'm Josh and Shana, with the five things you need to know for Thursday, August 7th.

President Donald Trump's global tariffs are now in effect, marking what could be the biggest

change to the global economy in a century.

Here's how they roughly work.

If the U.S. has a trade surplus with a country, it's now facing a universal 10% tariff, while if the U.S. has a trade deficit with the country, it's now facing a universal 10% tariff, while if the US has

a trade deficit with a country, it will face a universal 15% tariff. Many countries have much

higher tariff rates, including Brazil at 50%, despite a US trade surplus, Syria at 41%, Switzerland at 39%, and South Africa at 30%.

The Trump administration has celebrated the fact that tariff policies have so far raised

more than $100 billion in tax revenue, without leading to major inflation or a recession,

as some economists had feared. But Paul Donovan, the chief economist at UBS Global Wealth Management, says they may hurt

American consumers in the long run.

At the end of the day, importers in the United States are liable for these taxes.

It's, you know, the rest of the world isn't paying this.

This is a sales tax on American consumers which goes to the US government.

...