President Trump’s tariff onslaught left a lot of losers, from small, poor countries such as Laos and Algeria to wealthy U.S. trading partners such as Canada and Switzerland. But there were no real winners -- including the U.

On Thursday, Donald Trump announced sweeping new tariffs against U.S. trading partners that will go into effect next week. The announcement came on the same day that an appeals court grappled with the question of whether Trump’s tariffs are even legal.