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 including 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.
Taking to his Truth Social platform just after midnight, Trump posted: "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!"
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.
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