Trump’s new tariffs on dozens of countries take effect

New tariffs by US President Donald Trump on more than 90 countries around the world have come into effect.

Just before the deadline for the agreement, Trump posted import taxes on his truth social platform, that is, billions of dollars are now flowing into the United States due to tariffs.

Previously, the president reached India with a 50% tariff unless it will take effect on August 27 Stop buying Russian oil.

Trump also threatened to impose 100% tariffs on foreign-made computer chips as he pushed tech companies to invest in the United States. Apple announces new USD 10 billion (£7.5 billion) US investment After being under pressure from the White House, more production will be transferred to the United States.

Last week, the Trump administration announced a list of import taxes for dozens of trading partners and extended the deadline for a deal with the United States to August 7.

Countries have been reaching agreements with Washington to reduce what Trump calls “reciprocal tariffs.”

His trade policy aims to reshape the global trade system, which he believes is unfair to treat the United States.

Southeast Asia’s export-dependent economy is the worst hit to new tariffs.

Laos and Myanmar, which focus on manufacturing, face some of the highest taxes, at 40%. Some experts say Trump appears to be targeting Close trade relations With China.

Asia’s stock market appears to be making big strides on Thursday.

The main share indexes of Japan, Hong Kong, South Korea and mainland China are slightly higher, while the markets in India and Australia are lower.

Bert Hofman, an economist at the National University of Singapore, said the latest tariffs will provide some stability to the country after months of chaos.

“It should be. Now, you can start analyzing the impact of tariffs.”

Some major economies – including U.K.,,,,, Japan and South Korea – A deal has been reached that lower tariffs than Trump threatened in April.

this European Union A framework agreement with Washington was also reached, with Brussels accepting a 15% tariff on trading group goods.

Switzerland said it will hold an extraordinary meeting on Thursday after its officials cannot reach a deal with the United States.

Switzerland’s tariff rate is 39%, one of the highest tax rates imposed by the United States, threatening to hit the country’s economy.

Taiwan is a key Washington ally in Asia, issuing 20% tariffs. Its chairman Lai Ching-te said the ratio was “temporary” and that conversations with the United States were still ongoing.

Last week, Trump raised Canada’s tariff rate on Canada from 25% to 35%, saying the country “failed to cooperate” to curb the movement of fentanyl and other drugs on the U.S. border. The Canadian government said it is suppressing drug gangs.

However, due to existing trade treaties, the United States-Mexico-Canada Agreement (USMCA), most Canadian exports to the United States avoid import taxes.

Mexico’s tariffs on Mexico were suspended for another 90 days as negotiations continued to reach a trade deal.

Trump said on Wednesday that he would impose 100% tariffs on foreign-made semiconductors.

Major chip manufacturers Massive investments in the United States seem to have escaped new tariffs. Taiwan and South Korea government officials said in separate statements that TSMC, SK Hynix and Samsung will be exempt from new taxes.

The White House did not immediately respond to the BBC’s request for clarification.

The BBC also contacted SK Hynix and Samsung. TSMC declined to comment.

Also on Wednesday, Trump raised India’s total tariffs to 50% as he pushed the world’s third-largest energy importer to stop buying oil from Russia.

New Delhi called the move “unfair, unreasonable and unreasonable” and vowed to protect its national interests.

Farhan Badami, a market analyst at financial services firm Etoro, said the move marks a “sharp change” in Trump’s approach to Moscow and could attract attention from other countries.

“It’s possible here that India is just the first goal Trump intends to punish trade relations with Russia.”

Brazil’s exports to the United States also face 50% tariffs. Trump imposed a tax on accusing President Luiz Inacio Lula da Silva of unfairly attacking American technology companies and called for prosecution of former President Jair Bolsonaro for alleged attempts to engage in a coup, “Witch Hunting.”

The United States and China have held a series of talks as they try to agree to an extension of the 90-day tariff pause that will expire on August 12.