Consumers are rushing to buy iPhones before the tariffs hit the company, which makes its products in China, Vietnam and India.

President Trump treats America’s friends more like its adversaries and his worldwide tariffs may reshape the global economy and the lives of billions.

Trump’s “ Liberation Day ” plan to impose sweeping new duties on trillions of dollars in imports shows that the White House wants goods sold to American consumers to be built in American factories—bringing down the curtain on U.S. support for the turbocharged globalization that powered the world economy for decades.