President Donald Trump began imposing new import taxes on goods from several countries Thursday as part of his strategy to reduce the trade deficit and encourage foreign investment. Products from more than 60 countries and the European Union are now subject to tariffs ranging from 10% to 50%.

Most of the new duties kicked in Thursday, hitting countries with elevated rates that mark a departure from long-standing trade norms.

Still, the stock market has been solid during the recent tariff drama, with the S&P 500 index climbing more than 25% from its April low. The market’s rebound and the income tax cuts in Trump’s tax and spending measures signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months.