Trump's tariffs take effect - Over 90 countries face new measures on US exports
US President Donald Trump has imposed new tariffs on more than 90 countries around the world.
“Billions of dollars in tariffs are now flowing into the United States of America!” Trump wrote on social media. Earlier, the president imposed a 50% tariff on India, which will take effect on August 27 if the country does not stop buying Russian oil.
Last week, the Trump administration released an updated list of tariffs on imports from dozens of trading partners, as well as extending the deadline to reach a trade deal with the US until August 7.
Trump's trade policies are aimed at reshaping the global trading system, which he sees as unfair to the United States. Southeast Asian economies, which rely on exports, have been hit hardest by the new tariffs. Manufacturing-focused countries like Laos and Myanmar faced the highest levels of tariffs, up to 40%. Some experts believe Trump is targeting countries that have close trade ties with China.
Several major economies, including the United Kingdom, Japan and South Korea, have already reached agreements on lower tariffs than Trump's initial threats in April. The European Union has also reached a framework agreement with Washington, in which Brussels has accepted a 15% tariff on European goods.
Taiwan, a key US ally in Asia, was hit with a 20% tariff. The local government said the tariff was "temporary" and that talks with the US were still ongoing.
Last week, Trump raised tariffs on Canada from 25% to 35%, saying the country was “not cooperating” in stopping the trafficking of fentanyl and other drugs across the border with the United States. The Canadian government said it was taking action against drug gangs.
However, most Canadian exports to the US will avoid this tariff due to the existing trade treaty, the US-Mexico-Canada Agreement.
The highest tariffs on Mexico have been suspended for 90 days while negotiations for a deal continue.
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