Trump's 'reciprocal' tariffs come into effect, hitting dozens of U.S. trading partners
"IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote on social media platform Truth Social.
In an earlier post Trump had said the tariffs were targeting "COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS."
Trump last week — ahead of his Aug. 1 tariffs deadline — rejigged the tariff rates and pushed back the deadline to Aug. 7.
Some of the steepest duties include Syria's 41%, and Laos and Myanmar's 40% rate, while Switzerland — after being unsuccessful in a last-minute scramble for a deal — is facing 39% tariffs.
Separately, Brazil and India are both now facing duties of 50%. While Brazil's tariffs appear to have kicked in, India's rate is at 25% for now, and will rise to 50% later this month, according to an executive order signed Wednesday. Trump said his tariffs on India are related to its current purchases of Russian oil.
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