After months of delays and extensions, President Donald Trump’s comprehensive and sweeping tariffs slate took effect Thursday just after midnight ET, shifting his global trade reset into high gear.

China, dubbed ‘the workshop of the world’ for its sprawling supply chains and huge export capacity, is hoping to manufacture something new this week at a huge trade fair in Shanghai: import orders.

This past week was supposed to mark the deadline for other countries to strike trade deals with the U.S. — or face tariffs of up to 49% on the goods they sell in the United States. President Trump is ...