The sweeping tariff increases that President Donald Trump has implemented on more than 60 nations.
Following months of negotiations with major trading partners, the US Customs and Border Protection (CBP) agency started collecting the higher, so-called “reciprocal” tariffs on Thursday at 00:01 EDT (04:01 GMT).
The US duties range from 50% on imported Brazilian goods to 10% on imported British goods.
Trump praised the “billions of dollars” that the increased duties will bring into the US ahead of the deadline. According to Scott Bessent, the Treasury Secretary, tariff revenues could reach $ 300 billion annually.
A RADICAL LEFT COURT WOULD BE THE ONLY COURT WOULD BE ABLE TO THROW OUR COUNTRY FAIL, AS THE OPPOSITIONS OF AMERICA’S GREATNESS ARE! Trump’s platform, Truth Social, contained some writing.
Following Trump’s announcement to suspend higher rates in early April, imports from many nations had previously been subject to a bare 10% import duty.
Trump has since changed his tariff plan frequently, slapping some nations with significantly higher rates, including 50 percent on Brazilian goods, 39 percent on Switzerland, 35 percent on Canada, and 25 percent on India.
Trump said on Wednesday that unless India stops purchasing Russian oil, he would impose tariffs on it by 50% later this month.
The tariffs are a response to unfair trade practices, according to the US president. Some businesses and industry associations have expressed concern about the new levies harming smaller US businesses, while others have argued that they could spur inflation and stifle long-term growth.
The US coffee industry, which is already struggling with rising prices due to weather-related shortages, will likely be affected by the tariff increase, according to Al Jazeera’s Alan Fisher, who is a reporter from Washington, DC.
“Many] US companies source their coffee in smaller [too] countries, not just the big ones,” Fisher said.
Many people believe that Trump is trying to punish Brazil for prosecuting his ally, former US president Jair Bolsonaro, who is accused of trying to stage a coup, because the US has a trade surplus with Brazil, according to Fisher.
Winners and losers:
Eight of the world’s largest trading partners, including Japan, South Korea, Japan, and the European Union, have reached agreements that set their base tariff rates at 15%, making up about 40% of US trade flows.
Vietnam, Indonesia, Pakistan, and the Philippines all agreed on rates of 19 or 20%, while Vietnam, Indonesia, and the Philippines agreed to a 10% rate.
Details on enforcement are undetermined, but Trump’s order specifies that any goods that are determined to have been transshipped from a third nation will be subject to an additional 40% import duty.
The tariffs, according to John Diamond, an analyst at the Baker Institute’s Center for Tax and Budget Policy, will likely result in lower prices for those goods as a result.
According to Diamond, “I believe you’re going to see that there are winners and losers, and you’re going to witness that there’s a lot of inefficiency with political kickbacks and political punishment for adversaries,”
Source: Aljazeera
Leave a Reply