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Economic Times
7 hours ago
- Business
- Economic Times
Trump's tariffs: What has changed and who is affected
A range of new tariffs due to take effect in one week were announced Thursday on most US trading partners, with separate sector specific duties -- on copper -- also being implemented. President Donald Trump unveiled an array of import levies that ranged as high as 41 percent on Syria and included a hike on Canadian imports from the current 25 percent to 35 percent. Also Read: Trump unleashes new tariffs on 69 countries, set to take effect in 7 days: Full list and detailsAFP takes a look at the most recent developments:- Canada - Trump said Thursday the United States would raise tariffs on certain Canadian goods from 25 percent to 35 percent. He had warned of trade consequences for Canada after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September."Wow! Canada has just announced that it is backing statehood for Palestine," Trump wrote on Truth Social."That will make it very hard for us to make a Trade Deal with them."Unlike the new levies hitting dozens of other economies, there is no delay and these begin Friday, according to a White House fact covered by the 2020 United States-Mexico-Canada Agreement -- which covers a wide swath of items -- will be exempt from the tariff rate. Also Read: Trump increases tariff on Canada to 35% from 25%, cites fentanyl ahead of August 1 deadline - Mexico -Trump said Thursday he would delay imposing higher tariffs on Mexican imports, pushing back their rollout by 90 decision came after he spoke with Mexican President Claudia US leader had originally threatened to raise tariffs on Mexican products from 25 percent to 30 percent come August 1, citing a lack of progress in flows of illicit entering the United States under the existing North American trade deal were spared.- South Korea -Just days before the tariff deadline, Washington and Seoul reached a deal to avert a 25 percent duty on South Korean goods, bringing the level down to 15 percent making the announcement Wednesday, Trump said the country also committed to $350 billion in investments and to purchase $100 billion worth of liquefied natural gas (LNG) or other energy 15 percent rate matches levels determined from US accords with Japan and the European on automobiles will also stay at 15 percent, Seoul said.- Brazil -Trump's measures against Brazil are openly political, overriding long-standing trade announced 50 percent tariffs on Brazilian goods, although delaying their imposition from August 1 to August 6 and exempting products like orange juice and civil tariffs marked Trump's follow-through on threats to use American economic power to punish Brazil -- and Supreme Court Justice Alexandre de Moraes -- for what he has called a "witch hunt" against his far-right ally and former president Jair Bolsonaro.- India -Trump on Wednesday said Indian goods would face a 25 percent US tariff starting August 1, slightly below an earlier threatened country would also face an unspecified "penalty" over New Delhi's purchases of Russian weapons and energy, Trump said on social media."I don't care what India does with Russia. They can take their dead economies down together, for all I care," Trump added in a separate post.- European Union -EU exports to the United States are set to face tariffs of 15 percent on most products after both sides struck a deal to avoid a higher 30 percent Commission President Ursula von der Leyen said some agricultural products would be exempt under the agreement struck Sunday, though she did not specify France's President Emmanuel Macron pledged to be "firm" in follow-up talks."It's not the end of it," Macron told ministers during a cabinet meeting.
India Today
19 hours ago
- Business
- India Today
Trump's 25% tariff threat puts India–US trade on edge
WHAT'S NEWUS President Donald Trump has threatened to impose a 25% tariff on Indian imports from August 1, citing India's continued purchases of Russian oil and long-standing high trade IT MATTERSThe move targets some of India's most valuable and highshare export categories to the US, from pharmaceuticals and diamonds to textiles and tea. India runs a USD 45.7 billion goods trade surplus with the US, making Washington's tariff decision a major risk for exporters. New duties could disrupt billions in two-way trade and force India to adjust its US market strategy. advertisementIN NUMBERS$129.2B — Total India–US goods trade in 2024.$87.4B — US imports from India in 2024 (+4.5% from 2023).$45.7B — US goods trade deficit with India in 2024.35% — Russia's share of India's oil imports in Jan–Jun 2025.44.5% — Share of US diamond imports sourced from India.$13B — US imports of Indian pharmaceuticals in DEPTH The White House's tariff warning comes as part of a broader trade push targeting dozens of countries, with rates on some imports climbing as high as 50%. While Trump says "India is our friend," he accuses New Delhi of maintaining some of the world's highest tariffs and of deepening ties with Moscow despite the war in economic relationship with Russia is longstanding, spanning oil and gas, steel, railways, defence and pharmaceuticals. In the year ending March 2025, bilateral trade hit a record USD 68.7 billion, with Russian crude making up more than a third of India's oil US is India's largest export market. Some of the most exposed sectors under Trump's 25% threat include:Pharmaceuticals — $13B in 2024 US imports from India (5.3% of total).Diamonds — $6.7B, but 44.5% of all US diamond — Rugs (35.1%), cotton goods (44.5%), apparel (14%).Tea & Spices — 14.5% of the US market share. Even small changes in tariff rates could shift buying patterns in these concentrated markets, where India PICTURETrump's proposed duties on India are part of a sweeping tariff expansion. The administration is applying new or higher rates on steel, aluminium, autos, copper parts, and more. Canada, Mexico, Malaysia, Thailand, and other nations are also under threat. For India, the stakes are strategic as well as economic. U.S. tariffs could weaken export competitiveness, while a refusal to curb Russian oil purchases could invite further penalties. New Delhi is exploring ways to ease tensions, including boosting U.S. imports, but has ruled out any immediate THEY SAID'While India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high.' — Donald Trump, Truth Social.- EndsTune InMust Watch
Al Etihad
25-07-2025
- Business
- Al Etihad
Trump says US will sell 'so much' beef to Australia
25 July 2025 10:15 WASHINGTON/CANBERRA (REUTERS)The United States will sell "so much" beef to Australia, US President Donald Trump said on Thursday after Canberra relaxed import restrictions, adding that other countries that refused US beef products were on on Wednesday said it would loosen biosecurity rules for US beef, something analysts predicted would not significantly increase US shipments because Australia is a major beef producer and exporter whose prices are much lower."We are going to sell so much to Australia because this is undeniable and irrefutable Proof that US Beef is the Safest and Best in the entire World," Trump said in a post on Truth Social."The other Countries that refuse our magnificent Beef are ON NOTICE," the post has attempted to renegotiate trade deals with numerous countries he says have taken advantage of the United States - a characterisation many economists dispute."For decades, Australia imposed unjustified barriers on US beef," US Trade Representative Jamieson Greer said in a statement, calling Australia's decision a "major milestone in lowering trade barriers and securing market access for US farmers and ranchers."Australian officials say the relaxation of restrictions was not part of any trade negotiations but the result of a years-long assessment of US biosecurity has restricted US beef imports since 2003 due to concerns about bovine spongiform encephalopathy (BSE), or mad cow disease. Since 2019, it has allowed in meat from animals born, raised and slaughtered in the US but few suppliers were able to prove that their cattle had not been in Canada and Wednesday, Australia's agriculture ministry said US cattle traceability and control systems had improved enough that Australia could accept beef from cattle born in Canada or Mexico and slaughtered in the United decision has caused some concern in Australia, where biosecurity is seen as essential to prevent diseases and pests from ravaging the farm which imports more from the US than it exports, faces a 10% across-the-board US tariff from next month, as well 50% tariffs on steel and aluminium. Trump has also threatened to impose a 200% tariff on whether the change would help achieve a trade deal, Australian Trade Minister Don Farrell said: "I'm not too sure." "We haven't done this in order to entice the Americans into a trade agreement," he said. "We think that they should do that anyway."
Time of India
20-07-2025
- Politics
- Time of India
Polls show falling US support for Trump's deportations
Live Events Polls released Sunday showed falling support among Americans for Donald Trump's hardline measures against illegal immigration, as the Republican president celebrated six months back in won last year's election in part with promises to launch a historic deportation drive, riling up his base with exaggerated claims of mass violence committed by undocumented migrants, whom he referred to as "savages" and "animals."Polls from both CNN and CBS show that Trump has lost majority support for his deportation five percent of respondents feel the raids -- frequently seen online in viral videos of masked, unidentified agents seizing people off the street -- have gone too far, CNN said.(Join our ETNRI WhatsApp channel for all the latest updates)This was up 10 percent from a similar poll in February, shortly after Trump took office.A majority -- 57 percent -- said they oppose plans for construction of mass detention facilities, with only 26 percent supporting the idea, CNN said.A CBS News poll found that 56 percent of Americans believe Trump's administration is targeting migrants who do not represent a threat to public safety, up from 47 percent last to the poll, only 49 percent of Americans approve of Trump's immigration policies, down from 54 percent last month and 59 percent in remains nearly universal among Republicans, however, with 91 percent in favor of the among independents is nonetheless at 59 percent and among Democrats at 86 marked the six-month mark of his second presidency by heading out to his golf club in Virginia, near Washington, and posting on social media that the period was "being hailed as one of the most consequential periods of any President.""Six months is not a long time to have totally revived a major Country," he wrote on Truth Social."One year ago our Country was DEAD, with almost no hope of revival," he said, adding that now the United States was the "most respected Country anywhere in the World."In keeping with other surveys, the CBS News poll found Trump's overall approval rating is underwater. Currently only 42 percent of Americans approve of his job, compared to 53 percent in February.
NBC News
11-07-2025
- Business
- NBC News
Trump says he will hit Canadian imports with a 35% tariff in major escalation of trade war
President Donald Trump on Thursday announced that the U.S. would apply a 35% tariff to all imports from Canada beginning next month, reviving tensions with a major trade partner that had largely dissipated in recent weeks. "Instead of working with the United States, Canada retaliated with its own Tariffs," Trump wrote in the letter shared on Truth Social."Starting August 1, 2025, we will charge Canada a Tariff of of 35% on Canadian products sent into the United States, separate from all Sectoral Tariffs." Until this escalation, Canadian imports that did not fall under the U.S.-Mexico-Canada trade agreement, which Trump negotiated in his first term, faced a tariff of 25%. Energy imports from Canada faced tariffs of 10%. Trump told NBC News in an interview earlier Thursday that he would be announcing a new tariff rate for Canada before the end of the week. Canada is one of the United States' top trading partners, with more than $410 billion of goods crossing into the country last year. However, the two countries have had a fraught trading relationship since Prime Minister Mark Carney took office in March. In late June, Trump announced he had terminated all trade talks with Canada, citing its digital services tax that was set to be imposed by June 30. Canada retaliated, imposing a quota on some steel imports and a 50% surcharge for imports that exceed the quota. Canada's finance minister said the government was acting to protect its industry from "unjust U.S. tariffs." Trump's letter Thursday may come as a surprise to Carney, though. After rescinding Canada's digital services tax to appease Trump on June 29, the two leaders spoke on the phone and agreed to work toward a trade deal by July 21. Trump called the digital services tax an "attack" on the U.S. and its tech giants. The tax would have applied to any tech firm making more than $15 million from Canadian internet users. A lobby group for some large U.S. tech companies said it would have forced them to pay as much as $3 billion on June 30. In his social media post Thursday night, Trump said if Canada retaliates again, the U.S. will hike the 35% tariff higher. Canada's top trade negotiator and its ambassador to the United States said this week that Canadian and American teams were in in near daily contact and working towards an agreement. "If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter," Trump wrote at the end of his letter. "You will never be disappointed with the United States of America." Canada has previously said that Trump's claims that large amounts of fentanyl are coming across the northern border are "unjustified." U.S. stock futures immediately slid on the social media post from the president, with the S&P 500 index indicated to drop about a half percent at tomorrow's opening bell. Dow Jones Industrial Average futures were set to drop more than 200 points.
