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President Donald Trump's so-called "Liberation Day" tariffs take effect Thursday, imposing higher import taxes on most trading partners and reshaping global trade dynamics and prices in the U.S.But ahead of Liberation Day, tariffs on other countries are also taking effect.A 50% total tax on Brazil starts Wednesday. Trump justified a 40% tariff on the country mainly to help his political ally, former President Jair Bolsonaro. Trump framed the tariff as retaliation against what he calls a "witch hunt" on Bolsonaro. Trump argued the remaining 10% tariff would address a U.S. trade imbalance, which contradicts data showing that the U.S. has a nearly $7 billion trade surplus with Brazil. The new taxes are expected to raise prices on Brazilian imports like oil, iron, steel, coffee, tea and even orange juice. There are some exceptions, including aircraft parts, aluminum, tin and other energy products.In an interview with CNBC Tuesday, Trump said he would announce higher tariffs on India in the next 24 hours, adding to an original 25% tariff on the country. He accused India of buying massive amounts of Russian oil and fueling its "war machine" against Ukraine and of being a bad trade partner with its own high tariffs against the U.S. New tariffs would likely raise prices on Indian imports like electronics, pharmaceuticals, precious stones and metals, and machinery.Meanwhile, after weeks of negotiations, top Swiss officials and the Swiss president rushed to Washington on Wednesday in an attempt to stop a 39% U.S. tariff. The rate is among the highest from the Trump administration and is over 2.5 times higher than the rate on the European Union. The tax would raise prices on Swiss imports like chocolate and watches, but would exclude the country's largest export to the U.S.: pharmaceuticals.In the same CNBC interview, Trump said he would eventually tax pharmaceuticals at 250%. He laid out an escalating timeline, starting with a "small" tariff, and within a year or a year and a half, bumping the rate up to 150% before reaching 250%. Trump also warned that semiconductors and chips could be the next industry facing similarly high tariffs in the future.Watch the latest on Trump's tariffs: