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Donald Trump, president of the United States, has introduced new reciprocal tariffs on imports from dozens of nations, starting at 10 percent and increasing to 41 percent, helping to advance his efforts to reform global trade.

Some 69 trading partners and their respective “adjusted” tariff rates were included in a statement released by the White House on Thursday, entitled “Further Modifying the Reciprocal Tariff Rates.”

Since the tariffs were announced on April 2 (and then halted until August 1), the day Donald Trump referred to as “Liberation Day,” have there been any changes to import taxes. Most nations’ rates have decreased, but not all. The new tariffs will start enacting in large part on August 7.

Imports from about 40 different nations will be subject to a new 15% duty rate on goods they export to the United States, while higher duties will be applied to those exported from other countries. Both Australia and the United Kingdom will receive 10%.

China, the US’s third-largest trading partner, makes a notable exception to Trump’s most recent tariff list. What’s the current state of play between the two nations then?

What is the state of US-China trade talks?

During the most recent round of discussions held in Stockholm, Sweden, top US and Chinese officials argued against extending a 90-day pause on tariffs on Tuesday.

Trump will ultimately decide whether the pause is renewed, according to US Treasury Secretary Scott Bessent, who is scheduled to end on August 12.

The talks, which took place in Rosenbad, the country’s top government location, were meant to end a fresh trade war between the world’s two largest economies.

Just two days after Trump announced a new trade deal with the European Union, Bessent and Vice Premier He Lifeng for Beijing attended the most recent meeting.

The US and China had already slapped each other with tariffs exceeding 100% in an escalating trade war at the time of the third meeting since April.

A costly logjam that had impacted trade was eased by the two on May 12 when they agreed to a 90-day tariff pause in Geneva. US tariffs have been cut from 145 percent to 30 percent, and Chinese duties have decreased from 125 percent to 10 percent during the pause.

However, if US and Chinese tariffs resume to triple-digit levels, which would result in a bilateral trade embargo, global supply chains could experience additional turmoil.

What took place at the Stockholm meeting?

Both sides were “fully aware of the importance of safeguarding a stable and sound China-US trade and economic relationship,” according to Li Chenggang, China’s deputy commerce minister.

He claimed that “candid and constructive exchanges” had taken place between the two parties.

Bessent, a senior US official, claimed at a briefing on Tuesday that the US’s relationship with Japan and the EU had gained momentum. He remained optimistic about China.

The meetings were very productive, just to tamp down that rhetoric. He claimed that simply the sign off has not been done.

Nothing can be agreed upon until we speak with President Trump, Bessent remarked.

On Wednesday, he added, Trump was scheduled to receive a briefing from the Treasury Secretary and US Trade Representative Jamieson Greer regarding the Stockholm discussions.

Bessent added that if Beijing continued to purchase Russian oil, China could face high tariffs as a result of US secondary tariff legislation on sanctioned Russian oil. &nbsp,

In addition to a 25% tariff on Indian exports, the US recently announced an unspecified penalty for India’s purchase of Russian oil.

What are the main concerns raised by the trade talks?

This week’s discussions are supposed to have focused on technology exports, specifically chips used in artificial intelligence. US security officials have expressed concern that China’s military might use high-tech American semiconductor chips in particular.

Trump was planning to halt Nvidia’s H20 chip’s exportation in April, in line with Biden’s export restrictions. However, Trump changed his mind following Jensen Huang’s direct appeals.

In preparation for the talks this week, according to the UK’s Financial Times newspaper, Washington had imposed export restrictions on rare earth minerals and frozen restrictions on technology sales to China in order to ease negotiations and prevent Beijing from retaliating.

17 elements, including military hardware, automotive parts, and clean energy technology, make up the group of 17 elements. They are also a significant topic in trade negotiations.

China has long been the world leader in the production of related components, such as rare earth magnets, as well as in the mining and processing of rare earth minerals.

Since Donald Trump’s return to the White House, US trade representatives have been particularly concerned about China’s influence on the sector.

Before the recent truce, how was US-China trade?

Trump has long criticized Beijing for what he believes to be unfair trade practices, including import quotas, government subsidies, and tax breaks. He even asserts that the US’s trade deficit with China, which reached $20 trillion between 1974 and 2024, constitutes a national emergency.

Trump made an exception for China when he paused&nbsp&nbsp&nbsp tariffs on dozens of nations on April 9. Beijing then retaliated with own import taxes.

Tit-for-tat exchanges quickly grew into jaw-dropping sums. By April 11, US duties on US products entering China had increased to 125 percent, while US tariffs on Chinese goods had increased to 145 percent.

In May, Bessent and He Lifeng reached a truce that reduced their respective tariffs by 115 percentage points for three months, easing tensions.

While China’s tariffs on US goods have fallen to 10%, the US has currently set US duties at 30%.

What will follow?

Donald Trump and Chinese President Xi Jinping could have a meeting in the coming weeks, despite Trump’s claim on Tuesday that he would go out of his way to ask for one.

A face-to-face meeting has “the potential to be significant,” says Thomas Sampson, an economics professor at the London School of Economics. However, he claimed that there might be nothing worthwhile to be discussed at the “grip-and-grin style summit” he said.

Due to China’s dominance of rare earth minerals, Sampson continued, adding that the US-China negotiations are more complex than those with other Asian nations.

Sampson said he thinks the “mood around the]Sweden] talks seem to be more positive than it did earlier this year. It appears that the two parties have come out of the woods. His expectation is for a “more restrained trade war” to be resumed.

White House spokesman Karoline Leavitt stated on Friday that Washington and Beijing are still in “direct communication” and that trade negotiations are “moving in the right direction.”

What other recent trade agreements has Trump reached?

The most recent US-China discussions follow Trump’s tariff blitz on Thursday and follow previous agreements with both the EU and Japan.

A month-long standoff between two economic giants was finally resolved last Sunday by Trump and European Commission President Ursula von der Leyen.

After the deal enters force, the EU will start imposing a 15% tariff on the majority of its exports, while the bloc’s average tariff rate on US goods will decrease to 1%.

In addition to existing commercial agreements, Brussels added that it would purchase $750 billion worth of American energy products and invest $600 billion more in the US.

The deal struck on Sunday was characterized as a “dark day” for the EU, according to France’s Prime Minister Francois Bayrou, who claimed the EU had capitulated to Trump’s trade threats.

A number of new tariffs will go into effect on most of the US’s trading partners in a week, according to President Donald Trump’s administration.

Trump’s import duties, which were scheduled to start on August 1 and were delayed the majority, will start on August 7.

Trump sees the tariffs as a powerful economic tool that will encourage domestic manufacturing and help US exporters become more competitive.

Different levies will be imposed on nations, starting from 15% on Japan and the European Union to 39% on Switzerland, despite the situation still being dynamic.

How have different markets and nations responded to the news:

China

China has warned that US protectionism “fails the interests of all parties” ().

According to Guo Jiakun, a spokesman for the Chinese government, “the Chinese side’s opposition to tariffs has been consistent and unwavering.”

In a tariff- or trade-war, he continued, “There is no winner.”

Beijing and Washington are negotiating a tariffs deal despite not having a permanent agreement. Following a mutually agreed pause until August 12, a 30% combined tariff will be applied. That came after an imports tariff of 145 percent had already been implemented.

Taiwan

William Lai Ching-te, president of Taiwan, described Trump’s 20 percent tariff as “temporary” and “with the possibility of further reductions if an agreement is reached.”

The US president had threatened to impose a 32 percent tax and possible duties on the island’s massive semiconductor shipments.

Japan

Beginning August 7, a 15 percent tariff agreed last week between Japan and Washington will be in effect. It will replace the threatened 25 percent tariff.

Prime Minister Shigeru Ishiba reaffirmed his commitment to the US on Friday, urging the country to implement the agreement, including lowering the tariffs on cars and auto parts.

However, the Bank of Japan (BOJ) warned that Japanese companies’ profits are likely to decline this year as a result of US tariffs, which could cause them to lower their capital expenditure plans.

According to the BOJ, automakers have absorbed the rising costs of the tariffs rather than passing them on to US consumers, as evidenced by a 20% drop in export prices since April.

This suggests that Japanese automakers are avoiding price increases that could cause sales volumes to decline while also allowing for worsening profitability, according to the BOJ.

Malaysia

The trade ministry of Malaysia has declared that the rate, which is currently at a threatened 25%, was acceptable without sacrificing any of the “red line” items.

Thailand

The reduction in tariffs, according to Thailand’s finance minister, will help its struggling economy overcome global challenges.

According to Pichai Chunhavajira, “it helps maintain Thailand’s competitiveness on the global stage, boosts investor confidence, opens the door to economic growth, increased income, and new opportunities.”

Cambodia

Cambodia’s crucial garments sector, which is its biggest economic driver and source of about a million manufacturing jobs, saw a major boost as the US cut its tariff rate on Friday from 36 percent to 49 percent, a major boost.

According to me, if the US kept its industry at 49 or 36 percent, then it would collapse, according to Cambodia’s deputy prime minister and top trade negotiator Sun Chanthol.

European Union

Following a framework agreement between the EU and the US, Maros Sefcovic, the EU’s trade chief, stated that the bloc’s exporters now stand to gain from a “more competitive position,” but that “the work continues.

In a post on social media platform X, Sefcovic wrote that “the new US tariffs reflect the first outcomes of the EU-US agreement, particularly the 15 percent all-inclusive tariff cap.”

He continued, “This increases trust in the transatlantic economy as well as stability for businesses.”

Switzerland

Despite its “very constructive position,” Switzerland regrets “greatly that it was hit with 39 percent – up from the threatened 31 percent”.

The wealthy Alpine nation appeared to be caught off guard by the more than twice the EU’s 15% levy.

In the US, Roche and Novartis, two of the country’s largest pharmaceutical companies, have recently announced major spending plans. Switzerland is currently in the sixth place in terms of direct investment.

Sri Lanka

Sri Lanka rejoigned that it would face a 20% hit, a significant decrease from the original 44 percent, and hoped for even more.

Harshana Suriyapperuma, a senior official in the finance ministry, told reporters, “We are happy that our competitiveness in exports to the US has been preserved.”

Bangladesh

Bangladesh’s trade agreement reduced Trump’s initial proposal to a 20% tariff on exports to the US.

The interim government of the nation, led by Muhammad Yunus, hailed it as a “decisive diplomatic victory.”

Pakistan

On Thursday, Pakistan and the US agreed to a 19% tariff rate.

The Pakistani Finance Ministry stated in a statement that “this agreement marks the beginning of a new era of economic collaboration, particularly in the fields of energy, mines and minerals, IT, cryptocurrency, and other sectors.”

India

Trump stated on Wednesday that Indian goods would be subject to a 25% US tariff starting August 1, a level that was previously anticipated.

Trump stated on social media that the country would also be subject to an “unspecified” penalty for purchasing Russian weapons and energy.

The Indian government stated in a statement on Wednesday that it was “attaching the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs” and that it was “examining the implications of these new tariffs.”

South Africa

President Cyril Ramaphosa said on Friday that South Africa will negotiate after the US imposed 30% tariffs for the week to avoid paying the penalty and protect jobs.

Ramaphosa informed journalists that “intensive negotiations are now taking place.”

He said, “Our task is to negotiate with the United States as effectively and effectively as we can.” Really, our goal is to save jobs.

Canada

Trump announced on Thursday that US tariffs would increase from 25% to 35% on some Canadian goods.

After Prime Minister Mark Carney made the announcement to recognize a Palestinian state at the UN General Assembly in September, he had warned about the impact on trade for Canada.

There is no delay, and these begin on Friday, according to a White House fact sheet, unlike the new levies that are imposed on dozens of other countries.

Carney claimed that Trump’s decision disappointed his country.

Trump’s order also cited Canada’s “unreliable” action in halting the current flood of fentanyl and other illicit drugs as well as its “retaliation” against his actions.

Carney outlined Ottawa’s efforts to reduce fentanyl and improve border security. He said that Canada has been working diligently to further reduce these volumes, even though it imports only 1% of US fentanyl.

The vast majority of the products covered by the 2020 United States-Mexico-Canada Agreement will not be subject to the tariff rate.

Markets

Investors were concerned about the impact of the new US levies on numerous nations, and European stocks dropped to a three-week low.

After the tariff announcement, Asian shares were also anticipating the worst week since April.

When I read a report from an internationally renowned NGO called Oxfam International, which revealed that just four of Africa’s richest billionaires have a combined wealth of $57.4 billion, I was overcome by a profound sense of desperation and disappointment on July 9, 2025. This figure, according to Oxfam, exceeds the total wealth of roughly 750 million Africans, or roughly half of the continent’s population.

Additionally, the top 5 percent of Africans now have nearly $4 trillion in assets, which is more than twice the remaining 95%’s combined assets.

The report names the four wealthiest people on the continent in the report, Africa’s Inequality Crisis and the Rise of the Superrich. Nigerian Aliko Dangote, whose estimated net worth is $23.3 billion, is at the top. Johann Rupert and his South African family, who have about $14.2 billion in assets, come next. Nicky Oppenheimer and his family, both of whom are from South Africa, have a fortune worth $10.2 billion. Egyptian Nassef Sawiris’ net worth is estimated to be $ 9.4 billion.

I fall into the bottom 95 percent, the unsightly groups of people who have worked for modest incomes while aspire to socioeconomic transformation. There were no billionaires in Africa at the start of the 21st century in 2000. 23 billionaires, primarily men, make up the majority of the population, whose combined wealth has increased by 56 percent over the past five years, totaling an astonishing $ 112 billion.

No two countries, including Nigeria and South Africa, better illustrate the stark wealth disparity and oligarchic dominance of Africa today, and Aliko Dangote is the most prominent business leader to point out the rise of crony capitalism.

Why, please.

Dangote was merely a multimillionaire businessman with ambition 25 years ago. Then, on February 23, 1999, he contributed significantly to the presidential campaign of General Olusegun Obasanjo. His business trajectory was impacted by that seemingly benign investment.

Under the Backward Integration Policy (BIP), the Obasanjo administration began a comprehensive privatization of state-owned businesses in an effort to liberalize the economy, attract private investment, and promote domestic entrepreneurship. In 2000, Dangote Cement, the country’s largest cement producer, bought both Obajana Cement and Benue Cement, laying the groundwork for Dangote Cement, the latter two now dominate the industry.

On profits of approximately 1 trillion Nigerian naira (roughly $6 billion at 2015 exchange rates), Dangote Cement reportedly paid an effective tax rate of less than 1%. In 2007, Dangote became the country’s richest entrepreneur, becoming a billionaire as a result of the company’s rapid expansion.

The debate over quid pro quo tactics between Dangote and the Obasanjo administration has since become a well-known, albeit contentious, element of Nigerian politics and business.

Critics claim that the BIP has stifled competition and promoted monopolistic practices in important industries like sugar and cement, disproportionately favoring politically connected elites, including Dangote, at the expense of smaller businesses and regular Nigerians.

Nigeria has world-class human capital and is abundantly resourced. However, despite the most recent population estimates of about 227 million, more than 112 million people, or nearly half of the country’s population, live in poverty. The country’s five wealthiest individuals, who rule over industries like oil and gas, banking, telecommunications, and real estate, have a combined wealth of $ 29.9 billion.

Nigeria’s dysfunctional system has fostered oligarchic patterns and allowed the “big five” to grow. In its post-apartheid era, South Africa, the most industrialized nation in Africa, faces similar but distinct challenges.

The African National Congress (ANC) introduced the Broad-Based BEE Initiatives (BBBEE) and Black Economic Empowerment (BEE) on April 27, 1994, after apartheid ended. These policies sought to increase employment, promote effective Black economic participation, and promote fairer income distribution.

However, the ANC itself acknowledged over time that the majority of Black South Africans, particularly Black women, did not gain from these affirmative action initiatives in significant ways. Economic conditions have only marginally improved in the 31 years since apartheid. Despite the recent emergence of a few Black business leaders, they continue to excel in a system designed to favor a select few.

Patrice Motsepe, a mining magnate and one of Africa’s richest people, is one such example, with an estimated net worth of $3 billion. Supporters claim that his wealth is a direct result of the post-apartheid economic transformation, but critics, including economist Moeletsi Mbeki, refute this claim. In a system plagued by elite capture, Motsepe, who is also President Cyril Ramaphosa’s brother-in-law, is a hardly recognisable exception.

South Africa’s official unemployment rate was 32.9 percent by April 2025, which equaled the number of people actively looking for work. The overall rate, which included discouraged job seekers, increased to 43.1 percent. More than half of South Africa’s population, or 34.3 million people, were living in poverty around the same time.

The Oppenheimer family’s wealth is growing as a result of its deep historical connections to South Africa’s colonial past, which are evident in the enormous fortune it has in diamond mining. According to a study by the Harvard Growth Lab that was published in November 2023, the economy is defined by stagnation and exclusion, and the current strategies fail to achieve inclusion and empowerment in practice.

Unsurprisingly, ANC insiders and aligned business elites have been the most notable beneficiaries of the BEE initiatives, including Bridgette Radebe, sister of Motsepe, and Jeff Radebe’s wife, a staunch supporter of the ANC.

This particular elite group is in stark contrast to the regular South Africans who are the intended beneficiaries of the BEE. Instead, these individuals are grappling with persistent cuts to the budgets for education and health, as well as widespread corruption, poor service delivery, and lingering effects of oligarchic state control.

This pattern is prevalent in Nigeria. In a vibrant African economy, Dangote’s enormous wealth should at least be considered to be the pinnacle of success. He instead exemplifies Africa’s most powerful and wealthy oligarch, showing how close proximity to political power can lead to contentious paths to fortune. Regrettably, almost every African nation has its own Motsepe or Dangote, which are both influential and prevent fair and equitable economic development.

Political connections preclude innovation and advancement, which is a marked departure from free market ideals. This distortion results in social inequality, economic inefficiency, and corruption. By allowing private interests to exert excessive influence over public policy, it also weakens democratic norms.

According to a 2015 study from Columbia University, politically connected oligarchs’ wealth has a significant negative impact on economic growth, whereas unconnected billionaires’ wealth has little impact. This finding suggests that limiting the political power of politically connected elites would lead to slower economic growth in African countries.

It is time for significant reform right now.

High-net-worth individuals are subject to a wealth tax, and it must be used to fund essential services in underdeveloped countries.

A modest tax increase, which would be equivalent to 2.29 percent of Africa’s gross domestic product, would help close funding gaps in education and access to electricity, say Oxfam.

To reduce poverty and promote happiness, African nations must adopt economic policies that are more inclusive.

We are 95% of the neglected and disenfranchised population.