Trump’s sweeping new tariffs take effect against dozens of countries
US President Donald Trump’s new tariffs for dozens of countries in the world entered into force.
“Midnight !!! billions of dollars are now flowing into the United States!, Tr Trump said on social media minutes before the date of midnight in Washington, DC.
Previously, the president hit India with a 50% tariff and will enter into force on 27 August unless he stopped buying Russian oil.
Trump also pushed technology companies to invest in the United States, threatening a 100% tariff on foreign computer chips. Apple came under pressure to carry more production than the White House, after a new $ 100 billion (£ 75 billion) announced the US investment.
Last week, the Trump administration announced a revised import tax list for dozens of trade partners and extended a deadline date for countries to reach agreements with the United States until August 7.
Countries are competing to make agreements with Washington, which Trump calls “mutual tariffs”.
Trade policies aim to reshape the global trade system, which it sees that it is unjustly treated by the United States.
Export -dependent economies in South East Asia were among the most affected by new tariffs.
Production -oriented Laos and Myanmar have faced 40%of some of the highest levels. Some experts said Trump targeting countries with close trade ties with China.
Some major economies, including the UK, Japan and South Korea, have reached agreements to get lower tariffs that Trump threatened in April.
The European Union made a framework agreement with Washington, which Brussels accepted 15% tariff on goods from the trade block.
Taiwan, an important Washington ally in Asia, was given 20% tariff. President Lai Ching-Te, the ratio is “temporary” and the US talks with the United States still continuing, he said.
Last week, Trump increased the tariff rate in Canada from 25% to 35%, saying that the country “could not cooperate” to prevent the flow of fentanyl and other drugs on the US border. The Canadian government says he’s falling into drug gangs.
However, most of the Canadian exports to the United States will escape the import tax due to an existing trade treaty, US-Mexican-Canada Agreement (USMCA).
As the negotiations continued to make a trade agreement, the higher tariffs in Mexico were paused for 90 days.
On Wednesday, Trump said he would apply 100% tariff to foreign semiconductors.
The major chipsat producers who make significant investments in the US seem to have survived the new tariff. Taiwan and government officials in South Korea, TSMC, SK Hynix and Samsung will be exempt from new tax, he said.
The White House did not respond immediately to the BBC statement request.
BBC also contacted SK Hynix and Samsung. TSMC refrained from commenting.
Again on Wednesday, Trump pushed the world’s third largest energy importer to stop buying oil from Russia and increased the total tariff in India to 50%.
He described the new Delhi movement as “unjust and unreasonable” and promised to protect his national interests.
Brazil’s exports to the United States are also facing 50% tariff. Trump imposed the tax after calling President Luiz Inacio Lula Da Silva unjustly attacking US technology companies and calling for prosecution because former President Jair Bolsonaro was allegedly trying a “witch hunt”.
The US and China organized a series of meetings when they tried to accept an extension of the 90 -day tariff pauses that had to expire on August 12th.
