- Trump’s Tariff Deadline Delayed by One Week, Offering for Negotiations
- From India to Canada New Tariffs Spark Global Economic Uncertainty
- President Donald Trump has signed an executive order to impose new tariffs ranging from 10% to 41% on imports
Donald Trump has signed an executive order to impose new tariffs ranging from 10% to 41% on imports from dozens of trading partners, in his latest effort to change the global economy. .
Eko Hot Blog reports that, although these taxes were initially set to begin on Friday, the White House delayed the measures by one week to allow for further negotiations.
The new tariffs and rates, which Trump believes will benefit American exporters, have raised concerns and caused uncertainty for many countries, including some long-time US allies, with the potential to increase inflation within the US.
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Specific rates were announced for several countries: 25% for India, 20% for Taiwan, 30% for South Africa, and 39% for Switzerland. The deadline for a tariff deal with Mexico was also extended by another 90 days.
The White House announced that Canadian imports will face tariffs of 35%, a 10% increase from the previous rate. This was stated as a response to Canada’s ‘failure to cooperate’ in stopping the flow of fentanyl into the US. The announcement follows a prior threat from Trump that Canada’s move to recognize a Palestinian state would make a trade deal ‘very hard’
Even some of the world’s poorest and most war-torn countries were hit with high rates, including a 41% tax on Syria and 40% on Laos and Myanmar.
While Trump’s previous tariff announcements caused a major market sell-off, the reaction this time was more subdued. The new tariffs are still being legally challenged in court, with some critics arguing that Trump is overstepping his authority.
The administration has stated that any country not on the list will face a baseline 10% tariff, and that deals could still be reached with countries in the future.
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