According to economists and business experts, a frightening American consumers and businesses by President Trump leave consumers and businesses before the August 1 deadline to deploy import duties against more than 50 countries around the world.
“Nobody knows whether these are threats or will they become a policy, so it seems that everyone is disappointed for them,” the Chief Economist of I Parthenon Gregory Dako told CBS Manivatch, uncertainty on the US tariff “uncertain” leaves companies in a very dense fog “.
Mr. Trump announced on Saturday that he was imposing 30% tariff against Mexico And 27 -member European Union. This is followed by a tariff from 20% to 50% in about two dozen countries, including major American trading partners such as Brazil, Canada, Japan and South Korea.
The White House also said last week that it is a plan to impose 50% levy on copper imports By 1 August, electronics, cars and many other products raise concerns about high costs that use metal.
Summer on Russia and Brazil
In a separate development, which shows the desire to use tariffs to fulfill its objectives beyond the trade of the White House, Mr. Trump is rapidly threatening high tariffs as he tries to reduce the struggle in Ukraine. President said on Monday that America will impose 100% tariff on countries Within 50 days, there is no peace deal to end the war in Ukraine with Russia engaged in business.
In another case to prevent trade policy for other foreign policy priorities, Mr. Trump said last week that America will slap 50% Tariff on goods from Brazil The following month, citing criminal prosecution by former Brazilian President Jair Bolsoro, which Mr. Trump called “International insult”.
The Trump administration has defended its aggressive use of tariffs as a way to ensure proper trade for American businesses; Promote major domestic areas; Produce federal revenue; And pursue other policy priorities, such as curbing fentinel trafficking and authorized immigration from Canada and Mexico.
As RootsIn June, customs duties crossed $ 100 billion for the first time in the same financial year, an indication the step-up tariff regime contributing to more revenue.
“High uncertainty”
So far, the White House has noticed only a handful of business deals, experts, while it is difficult to buy agreements with major business partners such as the European Union. Earlier this month, Mr. Trump announced an agreement between US and VietnamWhile a more limited deal reached in June With United Kingdom The White House stated that provides “American companies have unprecedented access to the British markets, increasing American national security.”
Even last month, America and China Announced that they A framework for a business deal had agreed that makes it easy for American businesses to acquire Chinese magnets and rare earth minerals.
But over a short time to complete trade agreements ahead of the White House’s late August 1 deadline, some business experts say that the US has made very little progress since suspending the country-based tariffs in April.
“There is no comprehensive deal with our greatest trading partners,” said Alex Jacques, head of policy and groundwork ally, head of advocacy in a left-wing public policy think tank. “Where it leaves us, where we are – in a period of high uncertainty for businesses and consumers.”
Ryan Young, a senior economist at the competitive Enterprise Institute, a nonpartison think tank, said that the Mixed messages of the Trump administration on trade are making it difficult to reduce agreements.
“How do you interact with someone when you don’t know what they want?” He said. “one day, [President Trump] It is said that they are about business deficit, the next day it is about increasing revenue, the next it is about stimulating the American industry – then it is a bargaining tool. Many of their goals struggle with each other. ,
Demand for equal notch
White House spokesperson Kush Desai said that Mr. Trump’s tariff agenda has been “motivated to reduce tariffs and non-modern trade obstacles that are reducing American industries.”
Desai told CBS Manivatch that such tricks by other countries would “be more similar to American industries for” competition and grow. “
Despite Mr. Trump’s trade policies, there are tariffs Still impress Consumer value in america
Oxford’s DACO stated that the average US tariff rate in June was around 15%, while the actual cost of tariffs on effective tariffs – or imports was 10%. This is the reason why prices have increased by companies, combined with front-loading of imports.
“In the context of the complete cutting of the tariff, it is not yet visible in the duties collected,” he said.
The following tariff rates US said that last week it will apply to about two dozen countries as well as members of the European Union:
- Brazil: 50%
- Laos: 40%
- Myanmar: 40%
- Cambodia: 36%
- Thailand: 36%
- Bangladesh: 35%
- Canada: 35%
- Serbia: 35%
- Indonesia: 32%
- Algeria: 30%
- European Union 30%
- Iraq: 30%
- Libya: 30%
- Mexico 30%
- South Africa: 30%
- Sri Lanka: 30%
- Japan: 25%
- Kazakhstan: 25%
- Malaysia: 25%
- South Korea: 25%
- Tunisia: 25%
- Philippines: 20%
More information about the impact of tariffs in the US will come on Tuesday when the Labor Department released its June Consumer Price Index, which a closely seen inflation gauge.
