Steep tariffs slapped on Canada, Brazil and India

RTHK

5 days ago

Steep tariffs slapped on Canada, Brazil and India
Brazilians protest steep tariffs to be imposed on their country in Sao Jose dos Campos ahead of the Friday deadline. Photo: Reuters
US President Donald Trump slapped steep tariffs on exports from dozens of trading partners including Canada, Brazil, India, as he pressed ahead with plans to reorder the global economy ahead of a Friday trade deal deadline.
The rates included a 35 percent duty on many goods from Canada, 50 percent for Brazil, 25 percent for India, 20 percent for Taiwan and 39 percent for Switzerland, according to a presidential executive order.
The order listed higher import duty rates of 10 percent to 41 percent starting in seven days for 69 trading partners as the deadline approached.
Some of them had reached tariff-reducing deals; others had no opportunity to negotiate with his administration.
Trump included an exception for some goods shipped within the coming week.
Goods from all other countries not listed would be subject to a 10 percent US import tax.
Trump had previously said that rate might be higher.
The administration also teased that more trade deals were in the pipeline as it seeks to close trade deficits and boost domestic factories.
Facing a Friday deadline of his making, the Republican president has tapped emergency powers, pressured foreign leaders, and pressed ahead with trade policies that sparked a market sell-off when they were first announced in April.
This time, markets had a more muted reaction.
Stocks and equity futures fell modestly in Friday morning trading in Asia.
Trump's order said that some trading partners, "despite having engaged in negotiations, have offered terms that, in my judgement, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters."
Other details are still to come, including on the "rules of origin" that will determine what products might face even higher tariffs.
Trump also said "we have made a few deals today that are excellent deals for the country," and a US official later told reporters that they were still to be announced.
Trump issued a separate order for Canada that raises the rate on Canadian goods subject to fentanyl-related tariffs to 35 percent, from 25 percent previously, saying Canada had "failed to cooperate" in curbing illicit narcotics flows into the United States.
The higher tariffs on Canadian goods contrasted sharply with Trump's decision to grant Mexico a 90-day reprieve from higher tariffs of 30 percent on many goods to provide more time to negotiate a broader trade pact.
Trump complained to reporters earlier that Canada had "been very poorly led."
Canada's government did not immediately comment but it has previously disputed there being any basis for the tariffs. (Reuters)