President Trump on Thursday formally announced a higher tariff against more than 60 American trading partners starting next week-a few hours a few hours before the midnight time limit of the self-informed midnight of the administration.
The President signed an executive order listing tariff rates for imports from dozens of countries, which includes a handful of trading deals with administration and dozens that have not yet reached a deal. Duties have 41% for Syria and up to 40% for Laos and Myanmar, while almost no country’s imports will face less than 10% tariffs.
New tariffs apply to imports that have “recorded for consumption, or withdrawn from the warehouse for consumption,” in seven days, the order said. Mr. Trump vowed to put high tariffs starting after midnight of August 1, 1 August. A White House official told CBS News that an additional seven days of intent was made to provide customs and border security to implement new tariff rates.
,[F]Or most of our economies and most of our trading partners, the cost of trading tomorrow will be higher than today, “Greg Dako, the chief economist of the management consulting firm I-Parthenon, said before the release of Thursday’s list.
Mr. Trump set the latest deadline for trade agreements in April after the announcement – And later suspended For 90 days – he described as “liberation day” tariffs on more than 90 countries. The July 9 deadline for deals came and went away, the White House stopped again for time. But Mr. Trump vowed not to expand the deadline for most countries beyond August 1.
On Thursday’s list, about 70 trading partners have been included, and countries that were not listed will face 10% tariffs – the same base line that Mr. Trump was in April.
For some countries, Thursday’s tariff list has lower rates than people who are threatened on liberation day. But tariffs from other countries were slightly adjusted. For example, Madagascar was threatened with 47% tariff in April and only 15% tariffs on Thursday, but the rate of Switzerland increased from 31% to 39%.
For a handful of business partners who have reached agreements with Mr. Trump in recent weeks – including Japan, South Korea And this European Union – The new tariff list reflects the terms of those business deals.
Hard tariff on canada
Tariffs are treated separately on the United States three largest trading partners – Mexico, Canada and China. Duties on Canadian goods will jump from 25% to 35%, starting from Friday, the White House announced through danger from the beginning of this month on Thursday.
Mr. Trump is also threatening tariff hike for Mexico and China, but the southern neighbor of America 90-day expansion received On Thursday, and a deal with China is the time limit of August 12 Hope to expand Also for three months.
Amidst the concern that the white house trade agenda was promoting economic uncertainty for businesses and consumers, Trump Administration officials in this spring Mortgage To low “90 deals” in 90 days.
By that remedy, his administration is much less than his goals. The White House has announced extensive bilateral agreements with a handful of nations as well as the 27-member European Union, but those deals have a lack of large-scale dominated details of most business deals, experts notes.
“It is important to note that we do not even have a deal because the deals are usually understood, perhaps except for the UK agreement, which is still being discussed,” Alex Jackz, the head of the policy and the groundwork colleague, the advocacy group advocating the advocacy group of advocacy groups in a left-west advocacy group described the CBS Manivach.
According to Goldman Sachs, countries that have yet to deal with the US with major trading partners such as Canada and Mexico, including major trading partners such as Canada and Mexico.
Shortly after the new tariff list is released, Mr. Trump Told NBC News In an interview it is “too late” for countries that are still not on a business agreement to avoid new import duties – but it is ready to negotiate even after high tariffs are effective. He said that he believes that his business strategy was “very well, very smoothly”, which points to the revenue brought by tariffs and the fact that inflation has not occurred.
White House spokesman Kush Desai said in a statement, “President Trump’s trade deals have unlocked the unprecedented market access to US exports in economies, which are more than $ 32 trillions with a total of 1.2 billion people in total.” “These historical trade deals and the pro-goth of administration’s pro-goth domestic agenda are effective, and the tax cuts of a large beautiful bill are effective, American businesses and families have the same.
Tear down the rules
Mr. Trump re -entered in January, promising to re -write the rules of international commerce, which he has long maintained the US loss and hurt American workers. In that attempt, he has adopted tariffs as a way to reduce trade deficit with other countries, activate domestic manufacturers, generate federal revenue and benefit in foreign policy.
In practice, the White House has fought to distribute that ambitious agenda, Daniel Altman, an economist and founder of the investment newspaper, the founder of the high yield economics, told CBS Manivatch.
He said, “All of Washington had never enough trade negotiaters to end all these details by 1 August.” “We have some framework agreements that make headlines, but as we find a lot of deals, include tariff rates that are similar to the base rate of 15% that the White House looted for the rest of the world.”
Nevertheless, despite the presence of anarchy, which has participated in some rollouts of his new tariff regime, Mr. Trump clearly managed to change the terms of business with several major economic partners, who may take the US favor in some cases, including a significant cut in tariffs on American exports.
For example, under its deal with the European Union, the US will levy 15% tax on most imports of trading blocks, but the European Union has agreed not to charge any levy on imports from the US. Deals with japan And South Korea Apply the same tariff rate on exports of those countries
Other countries have killed trade deals with the US, accusing higher tariffs in the hope of ensuring good relations with Mr. Trump and even avoiding high levy. These include Indonesia and PhilippinesWhich will face 19% tariff on each of its exports. America will subject to imports Vietnam For 20% of duty, as well as 40% tariff on transmitted goods through other countries.
“In any other time limit, someone must have said that the European Union, Korea, Japan, the Philippines, Indonesia and the United Kingdom includes a lot of world trade and American trade,” Alan Wolf, Nonpartison Peterson Institute for International Economics and World Trade Organization, CBS Manvochent of Deputy Demonstration Told it.
President Trump’s tariff agenda is also creating significant revenue. According to the US Treasury, in June, the US tariff brought $ 27 billion in revenue – more than three times the same period was collected a year ago.
The White House has repeatedly stressed that tariff costs will be borne by abroad and levy will help invest in American manufacturing. Business experts note that there are tariffs Usually paid by importersWhich often passes on those costs for consumers as high prices.
