6 days ago
Dozens more countries face higher taxes as Trump tariffs come into force
New tariff rates, initiated under US President Donald Trump 's administration, came into effect on Thursday, marking a significant shift in global trade policy.
These measures include proposed duties of up to 200 per cent on pharmaceuticals, 100 per cent on computer chips, and 50 per cent on most copper, steel, and aluminium imports.
The tariffs announced on 1 August, which apply to 66 countries, Taiwan, and the Falkland Islands, have resulted in billions of dollars in higher costs for companies and increased uncertainty for global exporters.
Despite the economic pressures, global financial markets largely took the adjustments in stride, with Asian shares and US futures mostly higher on Thursday.
Major trading partners, such as the UK, EU, South Korea, and Japan, have negotiated deals for lower tariff rates to maintain access to the substantial American market.
