2 days ago
Trump's final tariffs are here as Americans brace for price hikes
'RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT!' the president wrote on his Truth Social platform with just 15 minutes to spare before the deadline. 'BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA,' he vowed. 'THE ONLY THING THAT CAN STOP AMERICA'S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!' he added. Trump then reiterated his message at midnight, writing that 'BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!'
Among the countries set to be effected by the new fees is Brazil, as many of its products are now subject to a 50 percent tariff. Trump levied the tariffs on the South American country because the Brazilian president continues to defy his demands to end a 'witch hunt' prosecution of former President Jair Bolsonaro.
Trump's executive order levying the tariffs, however, exempted some Brazil exports from the tariffs such as aircraft, pig iron, precious metals, wood pulp, energy, orange juice, and fertilizer. Major Brazilian exports such as beef and coffee were not exempted. Another major country facing steep tariffs is India, after the president on Wednesday implemented an additional 25 percent tariff that will go into effect on August 27, after the United States already set a 25 percent tariff on the country on August 1.
The president said the decision to level additional tariffs was due to India purchasing Russian oil, which he told CNBC on Tuesday was 'fueling the war machine' as Russian President Vladimir Putin continues his war in Ukraine. Mexico was granted a 90-day extension as officials continue to negotiate. But the president imposed a 35 percent tariff on Canada. Imported goods from Canada that fall under the USMCA trade deal, however, are not affected by the additional tariffs.
Other countries that have yet to make a trade deal with the United States include Switzerland, South Africa, Brunei, Cambodia, Bolivia, Ecuador, Iceland, Nigeria, Sri Lanka, New Zealand, Turkey, Norway, Iran, North Korea, and Russia. The United States and China agreed to extend trade talks to August 12, following successful negotiations in July with American and Chinese officials in Stockholm.
Ahead of sharp deadlines in August, Trump made major strides with his negotiations in late July after announcing trade deals with the United Kingdom and the European Union. Trump boasted of agreements with European officials that secured billions of dollars of investments into the United States. A $550 billion trade deal with Japan was also set earlier in July.
The additional tariff hikes on some countries threaten to raise the cost of everyday goods such as food and produce, clothing, automobiles and parts, steel, copper, aluminum, and electronics. Many American importers are eating the costs of tariffs rather than pass them on to the consumer, but warn that they will not be able to continue long term. The United States has collected $152 billion in gross revenue for the calendar year so far as Treasury Secretary Scott Bessent (pictured right) has predicted that tariff revenue could generate as much as $300 billion by the year's end.
