In his election campaign, Donald Trump once said that “Tariff is the most beautiful word in the dictionary.” Now, after six months in the office, the US President is eager to convert his specific vision of global business into reality.
With a step that shook both politics and business around the world, Trump announced on April 2 that he would impose a “baseline tariff” of 10% on all goods imported in the United States.
In addition, the goods of about 60 other business partners will face so -called mutual tafs, which Trump was even more for unfair trade policies as “worst criminals”.
However, on 31 July, Trump again signed high taffs on the score of new, and even countries, citing emergency powers on the executive order, saying that he was using to reduce the country’s trade deficit with several IT trade partners.
The executive order gives the rates of implementation against around 70 countries, which range from 10% of goods transmission through Othe Courts to avoid American duties.
In a minor, who open the door for further interaction, the White House stated that the remedy would be effective for countries next week.
The order came in the last week after a hurry of tariffs related to tariffs, Sa saw that some countries attacked more favorable terms for trade with the US.
Trade deal
On July 27, the US and the European Union agreed that European goods imported into the US would face 15% baseline taff. This includes the important automobile region of the European Union, which was under 25% levy since Trump took over in January.
In contrast, the European Union does not pay any fee to American firms, and according to the White House, promised to buy US energy of $ 750 billion (€ 656 billion), as well as invests about $ 600 billion in the US.
The agreement, which still needs to be signed by all 27 European Union members, has already come under strong criticism. French Prime Minister Francois Bairo said that this week the European Union had captured the European Union, describing it as a “dark day” on Sunday.
The United Kingdom, a business attack on a business with Washington in May, was the first country.
British products want to be subject to 10% base rate with exceptions from some industries. The UK is still interacting at a 25% rate exemption for its steel and aluminum products. In turn, the UK had to open its market for American ethanol and beef.
Under a deal in July, in 2024, a 15% tax will be levied on Japan’s exports to the US, including automobiles, for industry accounting for Japanese exports to the US in 2024.
Japanese will continue to apply for 50% of tetfies on steel and aluminum and the White House said that under the deal, Japan Wood makes an investment of $ 550 billion in the US unspecified.
Trump gets a beneficial deal with South Korea
Regarding South Korea, a recent interaction resulted in a 15% baseline tariff on all imports from that country -down from 25% theater from theater for one of the US top -10 trading partners and one of the leading Asian ally.
Trump said on Wednesday that South Korea had agreed to invest $ 350 billion in US projects and purchase liquidized natural gas and other energy products of $ 100 billion.
In addition, South Korea will accept American products, in which automobiles and agricultural commodities will be included in their markets and no import duty will be imposed on them, he said.
Washington has concluded trade deals with the Philippines, Vietnam, Indonesia and Pakistan.
The products of the Philippines-a major exporter and apparel-will of high-tech items will face 19% levy. Vietnam was capable of reducing a dangers of 49% threats under a deal in early July. A main exporter of clothing and shoes in the US, Vietnam will see its shipment under 20% tariff.
Indonesian exports will be taxed at 19% to the US and according to Washington, almost all American goods will be able to enter Indonesia tariff free.
As part of Trump’s April 2 announcement, Pakistan, which faced a potential 29% tariff, said that there was a deal on Thursday, resulting in low tariffs, as well as an agram in which Washington would help destroy the country’s oil reserve.
China-Duniya’s second largest economy-a special case. Washington and Beijing had reduced the tariff to more than 100% on each other’s goods before temporarily reducing rates for a 90-day period. That break is set to end on August 12.
China has taken an aggressive stance in response to Trump’s threat to put a 145% levy on imports on imports, taking retaliation with its own tattif on American goods and blocks the sales of important rare earth minerals and components used by US defense and high-technical manufacturers.
Holdouts was face trade escalation
Countries with bilateral trade agreements soon want to withstand 25% to 50% mutual tifs, with a base line of 15% to 20% for any deal.
In the adjusted tariff levels adjusted in the latest order of Trump, Switzerland is now facing 39% more duty. The Swiss government said that on Friday it would talk to avoid high levy, which would potentially hammer its major pharmaceutical industry. The new rate has been threatened before 31%.
Brazil is one of some major economies to run trade deficit with the United States, which means Brazil imports more than the country’s exports.
Nevertheless, the US President has threatened to impose 50% tariffs on Brazil’s products due to political differences. Trump called a “witch hunt” against former Brazilian President Jair Bolsoro, and demanded the release of an ultraconsary politician.
The current President of Brazil, Luiz Inceno Lula da Silva, in turn called Trump “Emperor” and said that he is not publicly afraid of criticizing Trump.
Meanwhile, India has drawn Trump’s IRE for its vast trade surplus with the US and its business relations with Russia.
As a result, Trump announced on Wednesday that he would impose 25% tariffs on Indian goods, as well as an additional “fines” in addition to an additional “fined” in addition to India’s purchase of Russian oil, which helps Moscow finance, it was in Ukraine.
On his true social platform, Trump wrote that India is “our friend,” but said that it is tartifies on American products “.”
The tariff danger of the US’s largest trading partners to Canada and Mexico-2 was not spared either, even though the trade between the three neighbors was controlled by the US-Maxico-Canada (USMCA) business agreement, interacted in the office during the first tenure of Trump.
Earlier this month, Trump threatened to increase the current tariff on Mexico from 25% to 30%.
Many items certified under the USMCA Free Trade Treaty, however, remain exemplary.
On Thursday, the US President extended the current rates of Mexico for 90 days to allow more time for trade talks.
“Complications of a deal with Mexico are somewhat different from other nations, both problems, and property, border, Trump said in a true social post, after a call with Sheenbam.
On Thursday, the US President sang Canada for a separate tariff hike, which increases the levy for goods for the country starting at 25% from the country.
After the announcement of a plan to recognize the Palestinian state, Prime Minister Mark Carney warned Trump of more trade results for Canada. Trump’s order cited Canada’s failure that “the floods of fentinel and other illegal drugs” also focused on “vengeance” against their measures.
In March, Washington already imposed 25% tariff on Canadian cars and auto parts, adding 50% levy to steel and aluminum imports in June.
Edited by: Christie Pladson
