Trump says reciprocal tariffs to take effect from midnight
U.S. President Donald Trump said on Wednesday evening that his trade tariffs on major economies will take effect from midnight, as he proceeds with his agenda to further American trading interests, News.az reports citing Investing.
Trump had last week outlined tariffs ranging from 15% to 50% on several major U.S. trading partners, many of which will be imposed even as negotiations with Washington remain ongoing.
“RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA,” Trump said in a social media post.
Brazil and India face among the highest levels of tariffs, at around 50% apiece, while others such as Japan, South Korea, and the European Union will face 15% levies after reaching trade deals with Washington.
Canada faces a 35% levy, while Mexico clinched a 90-day extension to Trump’s tariffs amid ongoing talks with Washington.
Trump on Thursday hiked tariffs against India to a cumulative 50%, citing the country’s continued buying of oil from Russia. The U.S. president’s levies against Brazil were in part attributed to Trump’s claims that Brasilia was unfairly prosecuting former President Jair Bolsonaro.
India will be subject to 25% levies from Thursday, with an additional 25% tariff to be imposed in 21 days.
Trump on Wednesday also outlined a 100% levy on all semiconductor imports, although he also mentioned that companies with manufacturing commitments in the U.S. will be exempted.
Trump’s tariffs are also aimed at establishing overseas markets for American goods, while boosting local manufacturing capabilities.
Similar news
