Donald Trump reignites global trade war with tariffs
advertisementIN NUMBERSSixty-nine countries face new US tariffs.41%: Highest rate, applied to Syria.25%: Tariff on select Indian exports.10%: Global minimum rate.~15%: New average US tariff rate — six times higher than last year.19 countries see higher duties; 42 get reductions; 8 unchanged.IN DEPTH:
The United States has changed tariff rates on some of its biggest trade partners. Several Asian economies, including Japan, South Korea, Taiwan, and Vietnam, will see lower duties. India's rate is trimmed slightly to 25%. The UK and Brazil remain at 10%. Switzerland faces a sharp rise to 39%, the highest among major partners. Thailand's rate is cut nearly in half. The new rates take effect on August 7 as part of the US push to reset trade terms.For some, the revisions offer relief. Forty-two trading partners will see lower rates than earlier proposals, reflecting concessions in negotiations. But 19 countries face steeper tariffs. The White House says the measures reward cooperation and punish resistance to US trade demands. Markets reacted cautiously. Asian currencies and stock indexes dipped, with the Taiwan dollar down for a seventh straight day and the Swiss franc slipping. But the muted response suggests traders had already priced in much of the shift ahead of the August 1 deadline Trump had signalled.
BIG PICTUREThe US targets countries based on their trade balance. Countries that buy more US goods face a 10 per cent tariff, while those with a small surplus face 15 per cent. Others face higher duties.Trump's new rates are one of the biggest protectionist moves in US policy since the 1930s. Trump's negotiations ended with new rates similar to or lower than those on April 2.WHAT THEY SAIDDonald Trump, U.S. President: "America will no longer be the sucker at the table. These tariffs will bring fairness back to trade."Lai Ching-te, Taiwan President: "We hope the 20% rate will be temporary. Our goal is to reach an agreement that protects our key industries."US Trade Representative's Office: "This is a calibrated approach to reward cooperation and push back against unfair trade practices."- EndsTune InMust Watch
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