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BBC News
6 days ago
- Business
- BBC News
Trump's Tariffs: How businesses around the world responded
Business leaders around the globe have woken up to the reality of steeper duties on exports to the US market, following President Donald Trump's new order on tariffs on Thursday an executive order, President Trump imposed new tariff rates on countries that failed to reach updated trade agreements with the US. Earlier in the week, he outlined a new framework for deals with nations that successfully negotiated revised move has now reshaped America's trading relationships worldwide with new tariffs on more than 90 what some of the business leaders have told the BBC about what this means for them. Mexico While the White House raised tariffs on Canada from 25% to 35%, its other major North American trading partner, Mexico, got a 90-day reprieve, temporarily halting new Chamberlain, president of fruit and vegetable company Chamberlain Distributing in Nogales, Arizona, says his company imports millions of boxes of produce from Mexico each year."We are actually very fortunate that the Mexican negotiators along with the US negotiators are keeping calm and keeping cool heads," he told BBC Radio 4's Today programme. "Both countries really don't want to get this wrong."And if it takes 90 more days to get it right I think it's very worthwhile."But in the absence of a deal, there's still huge uncertainty about what might happen once that 90-day extension is up."I think in the most extreme cases, many farmers would just stop farming for the export market," Chamberlain said. "It would be very difficult for the importers of record like myself to continue to pay those duties for a long period of time." Thailand Thailand, which was initially staring at the possibility of a 36% levy, secured a deal to reduce the tariffs to 19%.Richard Han, CEO of Hana Microelectronics - one of the country's largest contract manufacturers - recalled his shock at Trump's initial announcement in April."I remember waking up in the morning. It was quite early, and seeing him standing there on the White House lawn with his board. I thought: 'Did I see that right? 36%? How could it be?'" he he thinks his business, which makes high-tech goods such as printed circuit boards, integrated circuits, RFID tags for pricing, can survive under the new lower-tariff deal."If all of us in this region end up with around 20% our buyers won't seek alternative suppliers – it will just be a tax, like VAT [value-added tax], for US consumers," Han chaos and a hollow win: What it's like to do a tariff deal with Trump Italy European leaders struck a deal, holding tariffs for most goods at 15% after Trump initially threatened a rate double that's still a substantial hike from the former average rate of 4.8%.According to the Italian Institute of International Political Studies, the agricultural, pharmaceutical and automotive sectors are likely to be hit hardest, with the country's gross domestic product (GDP) projected to dip by 0.2%.Cristiano Fini of the Italian Confederation of Farmers said the deal with the US felt more like "a surrender" than an Italian trade associations are now already clamouring for compensation from the European Union to offset projected tariff deal not finished yet, say Europeans unhappy with Trump's terms Brazil If the EU deal managed to blunt the worst effects of the tariffs, Brazil saw its fortunes initially announced a 10% rate, but on Wednesday he raised that figure to 50%, accusing President Luiz Inacio Lula da Silva of unfairly attacking US tech companies and calling the prosecution of former President Jair Bolsonaro for attempting a coup a "witch hunt".However the higher tariff comes with some exemptions, for instance for orange juice and commercial other products are expected to face sharp price increases. Cecafé, Brazil's coffee exporters' council, said the impact on Brazilian roasters and exporters will be "significant", and warned American coffee drinkers to brace for price producers and exporters are working on contingency Cecafé said it won't be easy to find other markets for the 8.1m tonnes of coffee currently exported to the US. New markets are opening in Asia and the Middle East - however according to Cecafé they won't be able to absorb all of the potential US Trump's tariffs on Brazil are more about political retaliation than trade Switzerland Switzerland, once optimistic about reaching a modest 10% rate, was instead hit with a 39% tariff - the highest in weeks ago, Switzerland's president Karin Keller-Sutter had hinted that an agreement on a 10% rate might be sudden hike has now shocked the country, as tariffs could seriously affect companies that produce pharmaceuticals, jewellery, and machine tools.'With its unilateral tariff increases on Swiss industrial products, the US government is sending a clear protectionist signal," machine tool industry organisation Swissmechanic said in a statement. "The government must now act with clarity and confidence – and make determined use of the existing window of opportunity for negotiations with the US." India India was slapped with a 25% tariff with one additional footnote - Trump has threatened to impose an unspecified penalty over India's business dealings with is currently among the largest buyers of Russian oil, and Trump is using tariffs as leverage to pressure Moscow over the war in Nayak, who runs CI Ltd, a large tea exporter in Kolkata, says US consumers will ultimately pay the told the BBC's World Business Report: "We will definitely bear the brunt. But I think the people who are really going to be hit hard are the American consumers themselves."To choose to tax tea in the United States is only going to have an inflationary effect. Assam tea has a lot of character, it is liked by the American consumers. Darjeeling tea is a specialty tea, it's not grown anywhere else. Consumption in the US is growing." Laos One of the steepest tariff rates - 40% - has been imposed on Laos in south-east Asia."We are not very happy with the tariff… Laos is a very small country," said Xaybandith Rasphone, co-founder of sports marketing agency MKGT, and vice-president of the Lao national chamber of commerce. "Laos exports to the US only agricultural products, garments, juice and so on."Rasphone told the BBC World Service programme Newsday that 60 companies operating in those sectors collectively employing nearly 60,000 people could be affected."Indirect jobs could be affected as well," he said, noting that the overall effect on the country's economy could be reporting by Laura Gozzi in Rome, Jonathan Head in Bangkok, Ione Wells in São Paulo and Imogen Foulkes in Geneva
The Hill
04-03-2025
- Business
- The Hill
Prices rose along border ahead of Trump's tariffs — now disruption looms
Companies that depend on cross-border trade were already facing higher prices in anticipation of the 25% tariffs on imports from Mexico and Canada that took effect Tuesday. Now disruption looms, and if consumers won't accept steep price hikes, they'll have to downsize operations and lay off workers. The prospect of a North American trade war has already thrown the global economy into turmoil, with consumer confidence tumbling, inflation worsening and the auto sector and other domestic manufacturers bracing for a downturn. Trump dismissed concerns that tariffs are largely paid for by consumers through higher prices, saying: 'It's a myth.' It is possible for a stronger U.S. dollar to offset some of the costs, but most economic modeling shows tariffs will effectively amount to billions of dollars in tax hikes nationwide. Along the border, the reality is that prices were already rising in anticipation of Trump's announcement, and much more disruption now looms. Chamberlain Distributing represents nine different Mexican farming companies that ship about 5 million boxes of produce every year through Nogales, Arizona, to retail, wholesale and foodservice customers across the U.S. Its owner, Jaime Chamberlain, said he would raise customer prices for all the products he imports, starting Tuesday. And if the importers of record lack the resources to pay these higher prices, Chamberlain said he won't be able to support the farmers for more than a week or two. They'll have to sell at a loss, or not at all. Not everything will sell in Mexico, he said. The tomatoes, bell peppers, cucumbers, beans, squash and other perishable vegetables will be left in the fields and in his two warehouses across the border. He predicts similar dilemmas industry-wide: Supplies of produce coming into the U.S will decrease, and prices will increase. Since January, retailers have been bracing for the impact on their bottom lines. Restaurants have already stockpiled non-perishable goods in anticipation of prices going up, said Raul Luis, who owns the Birrieria Chalio Mexican Restaurant with locations in Los Angeles and Fort Worth, Texas. But Luis can't do that with the meat and fruit he sources from suppliers in Canada and Mexico. And with event catering, he can't provide customers with a set price because he does not know things will look like in a few months. His restaurants already use menus without prices so that he can immediately reflect changing costs without printing new ones. He's also considering reducing his menu options to avoid higher-priced ingredients. Closing either location is out of the question, he said. 'We have to figure out ways to become more efficient,' Luis said. 'We learned from the pandemic that we have to pivot and do things differently and most of our customer base understands that.' Small businesses are particularly vulnerable, said Ramiro Cavazos, CEO of the United States Hispanic Chamber of Commerce. 'They don't have the operating revenue that larger companies have,' Cavazos said. 'Small businesses would really be on the front lines of having to bear those costs and they would have no choice but to pass those costs to their consumers.' The state of Arizona benefits from $20 billion in cross-border trade with Mexico — an economy now under stress, said Vanessa Nielsen, a spokesperson for the Arizona-Mexico Commission, which works to foster a collaborative partnership. In fact, businesses in Mexico already raised their prices in anticipation of Trump's tariffs, and 'these prices are passed ultimately to the consumer,' she said. 'Businesses, they want to have some certainty, so they raise them now just in case tariffs happen and they're already prepared.' That supply chain is now vulnerable and border relations have been strained, with higher prices a particular concern for people who live south of the border and come into Arizona to buy groceries, she said. Tariffs 'would have a weakening effect on these communities at the border that depend on that traffic from Mexico and vice versa.' Trump also increased the minimum tariff on all steel and aluminum imports earlier this month from 10% to 25%. This could make housing more expensive and harm the already-low profit margins of small businesses, said George Carrillo, CEO of the Hispanic Construction Council. Carrillo said construction businesses can only stockpile steel up to a point depending on the revenue and space they have. The fear is that future projects are going to be delayed as prices shift. 'Hispanic businesses, they typically underprice the market because they're trying to be more competitive than larger companies,' Carrillo said. 'Now they have a choice — do I pass this on to the consumer or do I eat this up myself?'
Yahoo
03-03-2025
- Business
- Yahoo
Prices rose along border ahead of Trump's tariffs — now disruption looms
As 25% tariffs on imports from Mexico and Canada are set to take effect on Tuesday, Hispanic-owned businesses and companies that depend on cross-border trade are already passing higher prices onto consumers and preparing to sharply reduce imports. The prospect of a North American trade war has already thrown the global economy into turmoil, with consumer confidence tumbling, inflation worsening and the auto sector and other domestic manufacturers bracing for a downturn. Trump dismissed concerns that tariffs are largely paid for by consumers through higher prices, saying: 'It's a myth.' It is possible for a stronger U.S. dollar to offset some of the costs, but most economic modeling shows tariffs will effectively amount to billions of dollars in tax hikes nationwide. Along the border, the reality is that prices were already rising in anticipation of Trump's announcement, and much more disruption now looms. Chamberlain Distributing represents nine different Mexican farming companies that ship about 5 million boxes of produce every year through Nogales, Arizona, to retail, wholesale and foodservice customers across the U.S. Its owner, Jaime Chamberlain, said he would raise customer prices for all the products he imports, starting Tuesday. And if the importers of record lack the resources to pay these higher prices, Chamberlain said he won't be able to support the farmers for more than a week or two. They'll have to sell at a loss, or not at all. Not everything will sell in Mexico, he said. The tomatoes, bell peppers, cucumbers, beans, squash and other perishable vegetables will be left in the fields and in his two warehouses across the border. He predicts similar dilemmas industry-wide: Supplies of produce coming into the U.S will decrease, and prices will increase. Since January, retailers have been bracing for the impact on their bottom lines. Restaurants have already stockpiled non-perishable goods in anticipation of prices going up, said Raul Luis, who owns the Birrieria Chalio Mexican Restaurant with locations in Los Angeles and Fort Worth, Texas. But Luis can't do that with the meat and fruit he sources from suppliers in Canada and Mexico. And with event catering, he can't provide customers with a set price because he does not know things will look like in a few months. His restaurants already use menus without prices so that he can immediately reflect changing costs without printing new ones. He's also considering reducing his menu options to avoid higher-priced ingredients. Closing either location is out of the question, he said. 'We have to figure out ways to become more efficient,' Luis said. 'We learned from the pandemic that we have to pivot and do things differently and most of our customer base understands that.' Small businesses are particularly vulnerable, said Ramiro Cavazos, CEO of the United States Hispanic Chamber of Commerce. 'They don't have the operating revenue that larger companies have,' Cavazos said. 'Small businesses would really be on the front lines of having to bear those costs and they would have no choice but to pass those costs to their consumers.' The state of Arizona benefits from $20 billion in cross-border trade with Mexico — an economy now under stress, said Vanessa Nielsen, a spokesperson for the Arizona-Mexico Commission, which works to foster a collaborative partnership. In fact, businesses in Mexico already raised their prices in anticipation of Trump's tariffs, and 'these prices are passed ultimately to the consumer,' she said. "Businesses, they want to have some certainty, so they raise them now just in case tariffs happen and they're already prepared.' That supply chain is now vulnerable and border relations have been strained, with higher prices a particular concern for people who live south of the border and come into Arizona to buy groceries, she said. Tariffs 'would have a weakening effect on these communities at the border that depend on that traffic from Mexico and vice versa." Trump also set increaed the minimum tariff on all steel and aluminum imports earlier this month from 10% to 25%. This could make housing more expensive and harm the already-low profit margins of small businesses, said George Carrillo, CEO of the Hispanic Construction Council. Carrillo said construction businesses can only stockpile steel up to a point depending on the revenue and space they have. The fear is that future projects are going to be delayed as prices shift. 'Hispanic businesses, they typically underprice the market because they're trying to be more competitive than larger companies,' Carrillo said. 'Now they have a choice — do I pass this on to the consumer or do I eat this up myself?' Sign in to access your portfolio
Yahoo
03-03-2025
- Business
- Yahoo
Prices rose along border ahead of Trump's tariffs — now disruption looms
As 25% tariffs on imports from Mexico and Canada are set to take effect on Tuesday, Hispanic-owned businesses and companies that depend on cross-border trade are already passing higher prices onto consumers and preparing to sharply reduce imports. The prospect of a North American trade war has already thrown the global economy into turmoil, with consumer confidence tumbling, inflation worsening and the auto sector and other domestic manufacturers bracing for a downturn. Trump dismissed concerns that tariffs are largely paid for by consumers through higher prices, saying: 'It's a myth.' See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. It is possible for a stronger U.S. dollar to offset some of the costs, but most economic modeling shows tariffs will effectively amount to billions of dollars in tax hikes nationwide. Along the border, the reality is that prices were already rising in anticipation of Trump's announcement, and much more disruption now looms. Chamberlain Distributing represents nine different Mexican farming companies that ship about 5 million boxes of produce every year through Nogales, Arizona, to retail, wholesale and foodservice customers across the U.S. Its owner, Jaime Chamberlain, said he would raise customer prices for all the products he imports, starting Tuesday. And if the importers of record lack the resources to pay these higher prices, Chamberlain said he won't be able to support the farmers for more than a week or two. They'll have to sell at a loss, or not at all. Not everything will sell in Mexico, he said. The tomatoes, bell peppers, cucumbers, beans, squash and other perishable vegetables will be left in the fields and in his two warehouses across the border. He predicts similar dilemmas industry-wide: Supplies of produce coming into the U.S will decrease, and prices will increase. Since January, retailers have been bracing for the impact on their bottom lines. Restaurants have already stockpiled non-perishable goods in anticipation of prices going up, said Raul Luis, who owns the Birrieria Chalio Mexican Restaurant with locations in Los Angeles and Fort Worth, Texas. But Luis can't do that with the meat and fruit he sources from suppliers in Canada and Mexico. And with event catering, he can't provide customers with a set price because he does not know things will look like in a few months. His restaurants already use menus without prices so that he can immediately reflect changing costs without printing new ones. He's also considering reducing his menu options to avoid higher-priced ingredients. Closing either location is out of the question, he said. 'We have to figure out ways to become more efficient,' Luis said. 'We learned from the pandemic that we have to pivot and do things differently and most of our customer base understands that.' Small businesses are particularly vulnerable, said Ramiro Cavazos, CEO of the United States Hispanic Chamber of Commerce. 'They don't have the operating revenue that larger companies have,' Cavazos said. 'Small businesses would really be on the front lines of having to bear those costs and they would have no choice but to pass those costs to their consumers.' The state of Arizona benefits from $20 billion in cross-border trade with Mexico — an economy now under stress, said Vanessa Nielsen, a spokesperson for the Arizona-Mexico Commission, which works to foster a collaborative partnership. In fact, businesses in Mexico already raised their prices in anticipation of Trump's tariffs, and 'these prices are passed ultimately to the consumer,' she said. "Businesses, they want to have some certainty, so they raise them now just in case tariffs happen and they're already prepared.' That supply chain is now vulnerable and border relations have been strained, with higher prices a particular concern for people who live south of the border and come into Arizona to buy groceries, she said. Tariffs 'would have a weakening effect on these communities at the border that depend on that traffic from Mexico and vice versa." Trump also set increaed the minimum tariff on all steel and aluminum imports earlier this month from 10% to 25%. This could make housing more expensive and harm the already-low profit margins of small businesses, said George Carrillo, CEO of the Hispanic Construction Council. Carrillo said construction businesses can only stockpile steel up to a point depending on the revenue and space they have. The fear is that future projects are going to be delayed as prices shift. 'Hispanic businesses, they typically underprice the market because they're trying to be more competitive than larger companies,' Carrillo said. 'Now they have a choice — do I pass this on to the consumer or do I eat this up myself?'
The Independent
03-03-2025
- Business
- The Independent
Prices rose along border ahead of Trump's tariffs — now disruption looms
As 25% tariffs on imports from Mexico and Canada are set to take effect on Tuesday, Hispanic-owned businesses and companies that depend on cross-border trade are already passing higher prices onto consumers and preparing to sharply reduce imports. The prospect of a North American trade war has already thrown the global economy into turmoil, with consumer confidence tumbling, inflation worsening and the auto sector and other domestic manufacturers bracing for a downturn. Trump dismissed concerns that tariffs are largely paid for by consumers through higher prices, saying: 'It's a myth.' It is possible for a stronger U.S. dollar to offset some of the costs, but most economic modeling shows tariffs will effectively amount to billions of dollars in tax hikes nationwide. Along the border, the reality is that prices were already rising in anticipation of Trump's announcement, and much more disruption now looms. Chamberlain Distributing represents nine different Mexican farming companies that ship about 5 million boxes of produce every year through Nogales, Arizona, to retail, wholesale and foodservice customers across the U.S. Its owner, Jaime Chamberlain, said he would raise customer prices for all the products he imports, starting Tuesday. And if the importers of record lack the resources to pay these higher prices, Chamberlain said he won't be able to support the farmers for more than a week or two. They'll have to sell at a loss, or not at all. Not everything will sell in Mexico, he said. The tomatoes, bell peppers, cucumbers, beans, squash and other perishable vegetables will be left in the fields and in his two warehouses across the border. He predicts similar dilemmas industry-wide: Supplies of produce coming into the U.S will decrease, and prices will increase. Since January, retailers have been bracing for the impact on their bottom lines. Restaurants have already stockpiled non-perishable goods in anticipation of prices going up, said Raul Luis, who owns the Birrieria Chalio Mexican Restaurant with locations in Los Angeles and Fort Worth, Texas. But Luis can't do that with the meat and fruit he sources from suppliers in Canada and Mexico. And with event catering, he can't provide customers with a set price because he does not know things will look like in a few months. His restaurants already use menus without prices so that he can immediately reflect changing costs without printing new ones. He's also considering reducing his menu options to avoid higher-priced ingredients. Closing either location is out of the question, he said. 'We have to figure out ways to become more efficient,' Luis said. 'We learned from the pandemic that we have to pivot and do things differently and most of our customer base understands that.' Small businesses are particularly vulnerable, said Ramiro Cavazos, CEO of the United States Hispanic Chamber of Commerce. 'They don't have the operating revenue that larger companies have,' Cavazos said. 'Small businesses would really be on the front lines of having to bear those costs and they would have no choice but to pass those costs to their consumers.' The state of Arizona benefits from $20 billion in cross-border trade with Mexico — an economy now under stress, said Vanessa Nielsen, a spokesperson for the Arizona-Mexico Commission, which works to foster a collaborative partnership. In fact, businesses in Mexico already raised their prices in anticipation of Trump's tariffs, and 'these prices are passed ultimately to the consumer,' she said. "Businesses, they want to have some certainty, so they raise them now just in case tariffs happen and they're already prepared.' That supply chain is now vulnerable and border relations have been strained, with higher prices a particular concern for people who live south of the border and come into Arizona to buy groceries, she said. Tariffs 'would have a weakening effect on these communities at the border that depend on that traffic from Mexico and vice versa." Trump also set increaed the minimum tariff on all steel and aluminum imports earlier this month from 10% to 25%. This could make housing more expensive and harm the already-low profit margins of small businesses, said George Carrillo, CEO of the Hispanic Construction Council. Carrillo said construction businesses can only stockpile steel up to a point depending on the revenue and space they have. The fear is that future projects are going to be delayed as prices shift. 'Hispanic businesses, they typically underprice the market because they're trying to be more competitive than larger companies,' Carrillo said. 'Now they have a choice — do I pass this on to the consumer or do I eat this up myself?'
