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Indian Express
an hour ago
- Business
- Indian Express
How businesses around the world are responding to US tariff hikes
Businesses around the world are scrambling to assess the impact of steep new US tariffs, after President Donald Trump on late Thursday imposed higher duties on countries without updated trade agreements with Washington. According to Reuters, the US Customs and Border Protection agency began collecting the higher tariffs, ranging from 10 per cent to 50 per cent on Friday. The new measures push the average US import duty to its highest level in a century, up from just 2.5 per cent when President Trump took office in January. Trump has defended the move as necessary to 'rebalance' trade and boost US manufacturing, claiming on Truth Social that 'billions of dollars… will start flowing into the USA.' India has been hit with a 25% tariff, with Trump also threatening an additional, unspecified penalty over New Delhi's purchases of Russian oil. Aurobindo Nayak, who runs CI Ltd, a large tea exporter in Kolkata, told the BBC that premium Indian teas like Assam and Darjeeling will become more expensive in the US. 'We will definitely bear the brunt. But I think the people who are really going to be hit hard are the American consumers themselves,' Nayak said. '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.' Additionally, Prime Minister Narendra Modi has said he will not compromise the interests of Indian farmers. Thailand negotiated its expected 36% tariff down to 19%. Richard Han, CEO of Hana Microelectronics, said the lower rate means buyers are less likely to switch suppliers, calling it 'just… a tax, like VAT' for US consumers, reported BBC. Laos received one of the steepest hikes at 40%. Xaybandith Rasphone, vice-president of the Lao national chamber of commerce, said 60 companies employing nearly 60,000 people could be affected, warning of significant indirect job losses. Canada's tariffs rose from 25% to 35%, though many goods remain exempt under an existing North American trade treaty. But higher raw material costs could still bite. David Hope, vice president of Canadian aircraft component maintenance firm Hope Aero, told the BBC he expects a 'blanket 10%' vendor price hike soon, as steel and aluminium, both under 50 per cent tariffs, grow more expensive. 'Steel and aluminium are becoming more expensive in the US, so they're going to pass those costs right along,' he told the BBC. Mexico avoided immediate increases, securing a 90-day reprieve. Jaime Chamberlain, who imports millions of boxes of Mexican produce annually, said negotiators on both sides were keeping 'cool heads' but warned that without a deal, 'many farmers would just stop farming for the export market.' The European Union (EU) struck a deal capping most tariffs at 15 per cent, up from 4.8%. The Italian Institute of International Political Studies projects the country's GDP will dip 0.2 per cent, with agriculture, pharmaceuticals, and automotive sectors hit hardest. Cristiano Fini of the Italian Confederation of Farmers described the deal as 'a surrender,' than an agreement, reported BBC. Switzerland faced a surprise 39% rate, the highest in Europe. President Karin Keller-Sutter returned from last-minute talks in Washington without securing the previously discussed 10 per cent cap. Swissmechanic, representing the machine tool industry, called the US move a 'clear protectionist signal' as per BBC. 'The government must now act with clarity and confidence, and make determined use of the existing window of opportunity for negotiations with the US.' Brazil saw its tariff jump from 10 per cent to 50 per cent after Trump accused President Luiz Inacio Lula da Silva of unfairly targeting US tech firms. While orange juice and aircraft are exempt, Cecafé, Brazil's coffee exporters' council, warned of a 'significant' impact and potential price hikes for US consumers. Finding alternative buyers for the 8.1 million tonnes exported to the US annually will be difficult, the group said. Trump announced his 'Liberation Day' tariffs in April, but has modified rates several times since. His broader strategy also includes potential 100% duties on semiconductors. China, on a separate track, faces possible tariff hikes in August unless a truce is extended. Some countries, including India, China, and Brazil, are exploring a coordinated response via the BRICS bloc, Reuters reported. (With inputs from BBC, Reuters)
Express Tribune
3 hours ago
- Business
- Express Tribune
Trump's higher tariffs kick in worldwide
US President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, raising the average US import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. The US Customs and Border Protection agency began collecting the higher tariffs of 10% to 50% at 12:01am EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with countries seeking to lower them. The leaders of Brazil and India vowed not to be cowed by Trump's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners. 'Billions' in tariff revenue After unveiling his "Liberation Day" tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada and 25% from India. He announced on Wednesday a further 25% tariff on Indian goods, to be implemented in 21 days over India's purchases of Russian oil, on top of the 25% already imposed. "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," Trump said on Truth Social just ahead of the tariff deadline. Tariffs are ultimately paid by companies importing the goods, and passed on in full or in part to consumers of end products. Eight major trading partners accounting for about 40% of US trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15%. Britain won a 10% rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19% or 20%. Meanwhile, Brazil's President Luiz Inacio Lula da Silva told Reuters on Wednesday he would not humiliate himself by seeking a phone call with Trump even as he said his government would continue cabinet-level talks to lower a 50% tariff rate. Indian Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers. The pressure has also strengthened India's commitment to a "strategic partnership" with Russia, with Russian President Vladimir Putin set to visit by the end of the year.
India Today
9 hours ago
- Business
- India Today
Trump's sweeping tariffs on India, other key trade partners spark global backlash
US President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, raising the average U.S. import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better US Customs and Border Protection agency began collecting the higher tariffs of 10 per cent to 50 per cent at 12:01 a.m. EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with countries seeking to lower leaders of Brazil and India vowed not to be cowed by Trump's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners.'BILLIONS' IN TARIFF REVENUEAfter unveiling his "Liberation Day" tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries, including 50 per cent for goods from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India. He announced on Wednesday a further 25% tariff on Indian goods, to be implemented in 21 days over India's purchases of Russian oil, on top of the 25 per cent already imposed."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," Trump said on Truth Social just ahead of the tariff are ultimately paid by companies importing the goods, and passed on in full or in part to consumers of end top trade negotiator, Jamieson Greer, said the U.S. was working to reverse decades of policies that had weakened US manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances."The rules of international trade cannot be a suicide pact," he wrote in a column published by the New York Times."By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership," Greer major trading partners accounting for about 40 per cent of US trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15 per won a 10 per cent rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19 per cent or 20 per be some supply chain rearrangement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way," said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he President Karin Keller-Sutter said on Thursday that talks with the US would continue after she returned home empty-handed from an 11th-hour trip to Washington aimed at averting the crippling US import tariff on Swiss goods.A last-minute attempt by South Africa to improve its offer in exchange for a lower tariff rate also failed. The two countries' trade negotiating teams would have more talks, South African President Cyril Ramaphosa's office said on Thursday it would continue talks with the US as it seeks to lower tariffs further still, after negotiating a reduction to 20% from the 46% duty Trump slapped on imports from the Southeast Asian country in Brazil's President Luiz Inacio Lula da Silva told Reuters on Wednesday he would not humiliate himself by seeking a phone call with Trump even as he said his government would continue cabinet-level talks to lower a 50 per cent tariff Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers. The pressure has also strengthened India's commitment to a "strategic partnership" with Russia, with Russian President Vladimir Putin set to visit by the end of the countries were also rallying together to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs. Trump has repeatedly railed against BRICS members and recently threatened to subject their imports to an additional 10 per cent said on Wednesday that Modi would visit China for the first time in seven PRICE HIKESU.S. import taxes are one part of a multilayered tariff strategy that includes national security-based sectoral tariffs on semiconductors, pharmaceuticals, autos, steel, aluminum, copper, lumber and other goods. Trump said on Wednesday the microchip duties could reach 100 per is on a separate tariff track and will face a potential tariff increase on August 12 unless Trump approves an extension of a prior truce. He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its war in has touted a vast increase in federal revenues from his import tax collections, with US Commerce Secretary Howard Lutnick saying on Fox Business Network on Thursday that he expected revenue from tariffs to reach USD 50 billion a month, with more increases expected from separate duties on semiconductors and pharmaceuticals that should be announced increase in duties will drive average U.S. tariff rates to around 20%, the highest in a century and up from 2.5 per cent when Trump took office in January, the Atlantic Council Department data released last week included more evidence that tariffs were driving up US prices, including for recreational goods and motor vehicles, while costs are mounting for companies, including bellwethers Caterpillar, Marriott, Molson Coors and Yum on Thursday said it expected a hit of nearly USD 10 billion from tariffs on cars imported into the US as it cut its full-year profit forecast by 16 per other Japanese companies such as Sony and Honda said they now expected a smaller impact on profits after Japan agreed a bilateral deal with Washington to lower tariffs.- EndsTune InMust Watch
The Advertiser
10 hours ago
- Business
- The Advertiser
Trump's higher tariffs spark defiance and concern
US President Donald Trump's higher tariffs on imports from dozens of countries have kicked in, raising the average US import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. The US Customs and Border Protection agency began collecting the higher tariffs of 10 per cent to 50 per cent on Thursday after weeks of suspense over Trump's final tariff rates and frantic negotiations with countries seeking to lower them. The leaders of Brazil and India vowed not to be cowed by Trump's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners. After unveiling his "Liberation Day" tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries. These include 50 per cent for goods from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India. He announced on Wednesday a further 25 per cent tariff on Indian goods, to be implemented in 21 days over India's purchases of Russian oil, on top of the 25 per cent already imposed. Tariffs are ultimately paid by companies importing the goods and passed on in full or in part to consumers of end products. Trump's top trade negotiator, Jamieson Greer, said the US was working to reverse decades of policies that had weakened US manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances. "The rules of international trade cannot be a suicide pact," he wrote in a column published by the New York Times. "By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership," Greer said. Eight major trading partners accounting for about 40 per cent of US trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15 per cent. Britain won a 10 per cent rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19 per cent or 20 per cent. Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he added. Switzerland's President Karin Keller-Sutter said on Thursday that talks with the US would continue after she returned home empty-handed from an 11th-hour trip to Washington aimed at averting the crippling US import tariff on Swiss goods. A last-minute attempt by South Africa to improve its offer in exchange for a lower tariff rate also failed. The two countries' trade negotiating teams would have more talks, South African President Cyril Ramaphosa's office said. Meanwhile, Brazil's President Luis Inacio Lula da Silva told Reuters on Wednesday he would not humiliate himself by seeking a phone call with Trump even as he said his government would continue cabinet-level talks to lower a 50 per cent tariff rate. Indian Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers. The pressure has also strengthened India's commitment to a "strategic partnership" with Russia, with Russian President Vladimir Putin set to visit by the end of the year. Some countries were also rallying together to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs. Trump has repeatedly railed against BRICS members and recently threatened to subject their imports to an additional 10 per cent tariff. US President Donald Trump's higher tariffs on imports from dozens of countries have kicked in, raising the average US import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. The US Customs and Border Protection agency began collecting the higher tariffs of 10 per cent to 50 per cent on Thursday after weeks of suspense over Trump's final tariff rates and frantic negotiations with countries seeking to lower them. The leaders of Brazil and India vowed not to be cowed by Trump's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners. After unveiling his "Liberation Day" tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries. These include 50 per cent for goods from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India. He announced on Wednesday a further 25 per cent tariff on Indian goods, to be implemented in 21 days over India's purchases of Russian oil, on top of the 25 per cent already imposed. Tariffs are ultimately paid by companies importing the goods and passed on in full or in part to consumers of end products. Trump's top trade negotiator, Jamieson Greer, said the US was working to reverse decades of policies that had weakened US manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances. "The rules of international trade cannot be a suicide pact," he wrote in a column published by the New York Times. "By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership," Greer said. Eight major trading partners accounting for about 40 per cent of US trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15 per cent. Britain won a 10 per cent rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19 per cent or 20 per cent. Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he added. Switzerland's President Karin Keller-Sutter said on Thursday that talks with the US would continue after she returned home empty-handed from an 11th-hour trip to Washington aimed at averting the crippling US import tariff on Swiss goods. A last-minute attempt by South Africa to improve its offer in exchange for a lower tariff rate also failed. The two countries' trade negotiating teams would have more talks, South African President Cyril Ramaphosa's office said. Meanwhile, Brazil's President Luis Inacio Lula da Silva told Reuters on Wednesday he would not humiliate himself by seeking a phone call with Trump even as he said his government would continue cabinet-level talks to lower a 50 per cent tariff rate. Indian Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers. The pressure has also strengthened India's commitment to a "strategic partnership" with Russia, with Russian President Vladimir Putin set to visit by the end of the year. Some countries were also rallying together to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs. Trump has repeatedly railed against BRICS members and recently threatened to subject their imports to an additional 10 per cent tariff. US President Donald Trump's higher tariffs on imports from dozens of countries have kicked in, raising the average US import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. The US Customs and Border Protection agency began collecting the higher tariffs of 10 per cent to 50 per cent on Thursday after weeks of suspense over Trump's final tariff rates and frantic negotiations with countries seeking to lower them. The leaders of Brazil and India vowed not to be cowed by Trump's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners. After unveiling his "Liberation Day" tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries. These include 50 per cent for goods from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India. He announced on Wednesday a further 25 per cent tariff on Indian goods, to be implemented in 21 days over India's purchases of Russian oil, on top of the 25 per cent already imposed. Tariffs are ultimately paid by companies importing the goods and passed on in full or in part to consumers of end products. Trump's top trade negotiator, Jamieson Greer, said the US was working to reverse decades of policies that had weakened US manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances. "The rules of international trade cannot be a suicide pact," he wrote in a column published by the New York Times. "By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership," Greer said. Eight major trading partners accounting for about 40 per cent of US trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15 per cent. Britain won a 10 per cent rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19 per cent or 20 per cent. Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he added. Switzerland's President Karin Keller-Sutter said on Thursday that talks with the US would continue after she returned home empty-handed from an 11th-hour trip to Washington aimed at averting the crippling US import tariff on Swiss goods. A last-minute attempt by South Africa to improve its offer in exchange for a lower tariff rate also failed. The two countries' trade negotiating teams would have more talks, South African President Cyril Ramaphosa's office said. Meanwhile, Brazil's President Luis Inacio Lula da Silva told Reuters on Wednesday he would not humiliate himself by seeking a phone call with Trump even as he said his government would continue cabinet-level talks to lower a 50 per cent tariff rate. Indian Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers. The pressure has also strengthened India's commitment to a "strategic partnership" with Russia, with Russian President Vladimir Putin set to visit by the end of the year. Some countries were also rallying together to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs. Trump has repeatedly railed against BRICS members and recently threatened to subject their imports to an additional 10 per cent tariff. US President Donald Trump's higher tariffs on imports from dozens of countries have kicked in, raising the average US import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. The US Customs and Border Protection agency began collecting the higher tariffs of 10 per cent to 50 per cent on Thursday after weeks of suspense over Trump's final tariff rates and frantic negotiations with countries seeking to lower them. The leaders of Brazil and India vowed not to be cowed by Trump's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners. After unveiling his "Liberation Day" tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries. These include 50 per cent for goods from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India. He announced on Wednesday a further 25 per cent tariff on Indian goods, to be implemented in 21 days over India's purchases of Russian oil, on top of the 25 per cent already imposed. Tariffs are ultimately paid by companies importing the goods and passed on in full or in part to consumers of end products. Trump's top trade negotiator, Jamieson Greer, said the US was working to reverse decades of policies that had weakened US manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances. "The rules of international trade cannot be a suicide pact," he wrote in a column published by the New York Times. "By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership," Greer said. Eight major trading partners accounting for about 40 per cent of US trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15 per cent. Britain won a 10 per cent rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19 per cent or 20 per cent. Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he added. Switzerland's President Karin Keller-Sutter said on Thursday that talks with the US would continue after she returned home empty-handed from an 11th-hour trip to Washington aimed at averting the crippling US import tariff on Swiss goods. A last-minute attempt by South Africa to improve its offer in exchange for a lower tariff rate also failed. The two countries' trade negotiating teams would have more talks, South African President Cyril Ramaphosa's office said. Meanwhile, Brazil's President Luis Inacio Lula da Silva told Reuters on Wednesday he would not humiliate himself by seeking a phone call with Trump even as he said his government would continue cabinet-level talks to lower a 50 per cent tariff rate. Indian Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers. The pressure has also strengthened India's commitment to a "strategic partnership" with Russia, with Russian President Vladimir Putin set to visit by the end of the year. Some countries were also rallying together to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs. Trump has repeatedly railed against BRICS members and recently threatened to subject their imports to an additional 10 per cent tariff.
Perth Now
11 hours ago
- Business
- Perth Now
Trump's higher tariffs spark defiance and concern
US President Donald Trump's higher tariffs on imports from dozens of countries have kicked in, raising the average US import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. The US Customs and Border Protection agency began collecting the higher tariffs of 10 per cent to 50 per cent on Thursday after weeks of suspense over Trump's final tariff rates and frantic negotiations with countries seeking to lower them. The leaders of Brazil and India vowed not to be cowed by Trump's hardline bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking US trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners. After unveiling his "Liberation Day" tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries. These include 50 per cent for goods from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India. He announced on Wednesday a further 25 per cent tariff on Indian goods, to be implemented in 21 days over India's purchases of Russian oil, on top of the 25 per cent already imposed. Tariffs are ultimately paid by companies importing the goods and passed on in full or in part to consumers of end products. Trump's top trade negotiator, Jamieson Greer, said the US was working to reverse decades of policies that had weakened US manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances. "The rules of international trade cannot be a suicide pact," he wrote in a column published by the New York Times. "By imposing tariffs to rebalance the trade deficit and negotiating significant reforms that form the basis of a new international system, the United States has shown bold leadership," Greer said. Eight major trading partners accounting for about 40 per cent of US trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rates to 15 per cent. Britain won a 10 per cent rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19 per cent or 20 per cent. Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fix this," he added. Switzerland's President Karin Keller-Sutter said on Thursday that talks with the US would continue after she returned home empty-handed from an 11th-hour trip to Washington aimed at averting the crippling US import tariff on Swiss goods. A last-minute attempt by South Africa to improve its offer in exchange for a lower tariff rate also failed. The two countries' trade negotiating teams would have more talks, South African President Cyril Ramaphosa's office said. Meanwhile, Brazil's President Luis Inacio Lula da Silva told Reuters on Wednesday he would not humiliate himself by seeking a phone call with Trump even as he said his government would continue cabinet-level talks to lower a 50 per cent tariff rate. Indian Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers. The pressure has also strengthened India's commitment to a "strategic partnership" with Russia, with Russian President Vladimir Putin set to visit by the end of the year. Some countries were also rallying together to confront Trump, with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs. Trump has repeatedly railed against BRICS members and recently threatened to subject their imports to an additional 10 per cent tariff.
