New U.S. tariffs imposed under President Donald Trump took effect at midnight, triggering fresh waves of uncertainty across global trade markets. Just before the deadline, Trump posted on social media: “It’s midnight!!! Billions in tariffs now flowing into the U.S.”
India faces a 50% tariff starting August 27 unless it halts oil imports from Russia. New Delhi called the move “unjust and unfair,” vowing to protect its national interests.
Several manufacturing-based nations, including Laos and Myanmar, have been hit with up to 40% duties—targeting countries with close trade ties to China, analysts say.
While allies like the UK, Japan, and South Korea secured partial relief through negotiations, Canada saw its tariffs raised from 25% to 35% over drug trafficking concerns. Most Canadian goods, however, remain exempt under the USMCA.
Mexico received a 90-day suspension on new tariffs amid ongoing talks, while Brazil was slapped with a 50% tariff, with Trump accusing President Lula of targeting U.S. tech firms and conducting a “witch hunt” against Bolsonaro.
The temporary suspension of tariffs on China ends August 12, with new talks reportedly underway.
Global business responses remain mixed. While some express concern, tech giant Apple has announced a $100 billion investment in the U.S. market.
Source: BBC