US President Donald Trump’s new tariffs on countries around the world have come into force in the growth of their trade war.
“This is midnight !!! Billions of dollars in tariff are now flowing in the United States!”
Earlier, the President hit India with 50% tariff, which will be effective on August 27 until he stops buying Russian oil.
Trump also threatened 100% tariffs on foreign manufactured computer chips as he pushes tech firms to invest in the US. This came when Apple announced a new $ 100BN (£ 75bn) US investment after being under pressure from the White House to carry out more production in the US.
Last week, the Trump administration announced a revised list of import taxes on dozens of trading partners and extended a time limit for countries to reach agreements by 7 August.
Countries are running to attack deals with low -or scrap with Washington – Trump is called “mutual tariff”.
The purpose of their trade policies is to re -shape the global trade system, which he sees wrongly treating America.
Export-dependent economies in South East Asia were one of the most difficult-tricks by the new tariff.
Manufacturing-centered Laos and Myanmar faced some highest levy at 40%. Some experts said that Trump has targeted target countries with close trade relations with China.
Some major economies – including the UK, Japan and South Korea – have already reached agreements to obtain less tariffs than Trump in April.
The European Union has also signed a framework deal with Washington, in which Brussels have accepted a 15% tariff on goods from the trading block.
Taiwan, a prominent Washington associate of Asia, was assigned a 20% tariff. Its chairman Lai Ching-Tea said that the rate is “temporary” and talks with the US are still going on.
Last week, Trump raised the tariff rate on Canada by 25% to 35%, stating that the country “failed to cooperate” in curbing the flow of fentasiles and other drugs on the US border “. The Canadian government says it is breaking on drug gangs.
But most Canadian exports to the US will dodge import tax due to an existing trade treaty, the United States-Maxico-Canada Agreement (USMCA).
High tariffs on Mexico were prevented for another 90 days as the conversation strikes a business deal.
On Wednesday, Trump said that he would impose 100% tariffs on foreign-made semi-makers.
Prominent investments in the US have dodged the new tariff. Government officials in Taiwan and South Korea have said in separate statements that TSMC, SK HYNix and Samsung will be exempted from the new levy.
The White House did not immediately respond to the BBC request for clarification.
The BBC has also contacted SK Hinix and Samsung. TSMC refused to comment.
In addition, on Wednesday, Trump increased the total tariffs on India by 50% as they push the world’s third largest energy to the third largest energy of energy to stop buying oil from Russia.
New Delhi called the move “inappropriate, inappropriate and unfair” and vowed to protect its national interests.
Brazil’s exports to the US also face 50% tariffs. Trump put a levy after President Luiz Eneasio Lula Da Silva incorrectly attack US technology firms and allegedly attempted a “witch hunting” to former President Jair Bolsono’s prosecution to an attempt to try a coup.
The US and China have held a series of talks as they have tried to agree on the expansion of the 90-day tariff which is due to ending August 12.
