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France 24
5 minutes ago
- France 24
New Trump tariffs take effect, plunging dozens of countries into economic uncertainty
Higher US tariffs came into effect for dozens of economies Thursday, drastically raising the stakes in President Donald Trump 's wide-ranging efforts to reshape global trade. As an executive order signed last week by Trump took effect, US duties rose from 10 percent to levels between 15 percent and 41 percent for a list of trading partners. Many products from economies like the European Union, Japan and South Korea now face a 15-percent tariff, even with deals struck with Washington to avert steeper threatened levies. But others like India face a 25-percent duty -- to be doubled in three weeks -- while Syria, Myanmar and Laos face staggering levels at either 40 percent or 41 percent. 07:41 The latest tariff wave of "reciprocal" duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency. But these higher tariffs do not apply to sector-specific imports that are separately targeted, such as steel, autos, pharmaceuticals and chips. Trump said Wednesday he planned a 100-percent tariff on semiconductors -- though Taipei said chipmaking giant TSMC would be exempt as it has US factories. Even so, companies and industry groups warn that the new levies will severely hurt smaller American businesses. Economists caution that they could fuel inflation and weigh on growth in the longer haul. While some experts argue that the effects on prices will be one-off, others believe the jury is still out. With the dust settling on countries' tariff levels, at least for now, Georgetown University professor Marc Busch expects US businesses to pass along more of the bill to consumers. An earlier 90-day pause in these higher "reciprocal" tariffs gave importers time to stock up, he said. But although the wait-and-see strategy led businesses to absorb more of the tariff burden initially, inventories are depleting and it is unlikely they will do this indefinitely, he told AFP. "With back-to-school shopping just weeks away, this will matter politically," said Busch, an international trade policy expert. Devil in the details The tariff order taking effect Thursday also leaves lingering questions for partners that have negotiated deals with Trump recently. Tokyo and Washington, for example, appear at odds over key details of their tariffs pact, such as when lower levies on Japanese cars will take place. Washington has yet to provide a date for reduced auto tariffs to take effect for Japan, the EU and South Korea. Generally, US auto imports now face a 25-percent duty under a sector-specific order. A White House official told AFP that Japan's 15-percent tariff stacks atop of existing duties, despite Tokyo's expectations of some concessions. Meanwhile, the EU continues to seek a carveout from tariffs for its key wine industry. In a recent industry letter addressed to Trump, the US Wine Trade Alliance and others urged the sector's exclusion from tariffs, saying: "Wine sales account for up to 60 percent of gross margins of full-service restaurants." New fronts Trump is also not letting up in his trade wars. He opened a new front Wednesday by doubling planned duties on Indian goods to 50 percent, citing New Delhi's continued purchase of Russian oil. But the additional 25-percent duty would take effect in three weeks. Trump's order for added India duties also threatened penalties on other countries that "directly or indirectly" import Russian oil, a key revenue source for Moscow's war in Ukraine. Existing exemptions still apply, with pharmaceuticals and smartphones excluded for now. And Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup. US tariffs on various Brazilian goods surged from 10 percent to 50 percent Wednesday, but broad exemptions including for orange juice and civil aircraft are seen as softening the blow. Still, key products like Brazilian coffee, beef and sugar are hit. Many of Trump's sweeping tariffs face legal challenges over his use of emergency economic powers, with the cases likely to ultimately reach the US Supreme Court.
France 24
5 minutes ago
- France 24
Higher US tariffs take effect on dozens of economies
As an executive order signed last week by Trump took effect, US duties rose from 10 percent to levels between 15 percent and 41 percent for a list of trading partners. Many products from economies like the European Union, Japan and South Korea now face a 15-percent tariff, even with deals struck with Washington to avert steeper threatened levies. But others like India face a 25-percent duty -- to be doubled in three weeks -- while Syria, Myanmar and Laos face staggering levels at either 40 percent or 41 percent. The latest tariff wave of "reciprocal" duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency. But these higher tariffs do not apply to sector-specific imports that are separately targeted, such as steel, autos, pharmaceuticals and chips. Trump said Wednesday he planned a 100-percent tariff on semiconductors -- though Taipei said chipmaking giant TSMC would be exempt as it has US factories. Even so, companies and industry groups warn that the new levies will severely hurt smaller American businesses. Economists caution that they could fuel inflation and weigh on growth in the longer haul. While some experts argue that the effects on prices will be one-off, others believe the jury is still out. With the dust settling on countries' tariff levels, at least for now, Georgetown University professor Marc Busch expects US businesses to pass along more of the bill to consumers. An earlier 90-day pause in these higher "reciprocal" tariffs gave importers time to stock up, he said. But although the wait-and-see strategy led businesses to absorb more of the tariff burden initially, inventories are depleting and it is unlikely they will do this indefinitely, he told AFP. "With back-to-school shopping just weeks away, this will matter politically," said Busch, an international trade policy expert. Devil in the details The tariff order taking effect Thursday also leaves lingering questions for partners that have negotiated deals with Trump recently. Tokyo and Washington, for example, appear at odds over key details of their tariffs pact, such as when lower levies on Japanese cars will take place. Washington has yet to provide a date for reduced auto tariffs to take effect for Japan, the EU and South Korea. Generally, US auto imports now face a 25-percent duty under a sector-specific order. A White House official told AFP that Japan's 15-percent tariff stacks atop of existing duties, despite Tokyo's expectations of some concessions. Meanwhile, the EU continues to seek a carveout from tariffs for its key wine industry. In a recent industry letter addressed to Trump, the US Wine Trade Alliance and others urged the sector's exclusion from tariffs, saying: "Wine sales account for up to 60 percent of gross margins of full-service restaurants." New fronts Trump is also not letting up in his trade wars. He opened a new front Wednesday by doubling planned duties on Indian goods to 50 percent, citing New Delhi's continued purchase of Russian oil. But the additional 25-percent duty would take effect in three weeks. Trump's order for added India duties also threatened penalties on other countries that "directly or indirectly" import Russian oil, a key revenue source for Moscow's war in Ukraine. Existing exemptions still apply, with pharmaceuticals and smartphones excluded for now. And Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup. US tariffs on various Brazilian goods surged from 10 percent to 50 percent Wednesday, but broad exemptions including for orange juice and civil aircraft are seen as softening the blow. Still, key products like Brazilian coffee, beef and sugar are hit. Many of Trump's sweeping tariffs face legal challenges over his use of emergency economic powers, with the cases likely to ultimately reach the US Supreme Court.
France 24
33 minutes ago
- France 24
Sony hikes profit forecasts after strong quarter for games
The Japanese electronics and entertainment conglomerate said "user engagement continued its strong momentum" in the video game sector. Its shares surged more than six percent in Tokyo after the announcement. Monthly active users in June and total gameplay hours on PlayStation consoles in the April-June quarter both increased six percent year-on-year, it said. It added that "the situation surrounding the additional US tariffs is still fluid, and we intend to continue to monitor it and take action to minimise its impact". "The impact of the additional US tariffs on operating income is estimated to be approximately 70 billion yen ($470 million), a decrease of 30 billion yen from the previous forecast." The company hiked its net profit forecast for the current 2025-26 financial year to 970 billion yen ($6.6 billion), up from the previous estimate of 930 billion yen. But even the higher forecast would not top the record net profit of 1.1 trillion yen that Sony logged in the previous financial year. Atul Goyal, an equity analyst at Jefferies, said ahead of the earnings release that the massively anticipated global release of the game "Grand Theft Auto VI" in May 2026 "could lead to peak game profits" for Sony. GTA VI, which will be released on the PlayStation 5 and Microsoft's XBox, will be set in Miami-like Vice City and features a playable female protagonist for the first time. The PlayStation 5, which launched in 2020, is entering a "late" stage of the usual lifecycle for a console, Goyal said. "Sony's outlook hinges on navigating tariff headwinds near-term, leveraging GTA6's blockbuster potential... and cyclical console risks," he said. "A sensors spin-off could transform valuation, while music provides steady growth and pictures provides stability." Music streaming is an important business pillar for Sony, which has an impressive back catalogue and a current roster that includes artists such as Beyonce and Lil Nas X. The Japanese giant, which saw net profit jump 23 percent on-year in this year's April-June quarter, also raised its operating profit forecast on Thursday. Sony last month said it had bought a strategic 2.5 percent stake in Japanese game franchise giant Bandai Namco, which owns "Gundam" and arcade classic "Pac-Man", with a view to growing its anime business. With the 68 billion yen transaction, the companies plan "to create new and emotionally moving experiences for fans", they said in a joint statement.
