Higher US tariffs came into effect for dozens of economies Thursday, drastically raising the stakes in President Donald Trump’s wide-ranging efforts to reshape global trade.
As an executive order signed last week by Trump took effect, US duties rose from 10 percent to levels between 15 to 41 percent for a list of trading partners. Many products from economies such as those of the European Union, Japan, and South Korea now face a 15-percent tariff, even with deals struck with Washington to avert steeper threatened levies.
However, others like India face a 25-percent duty—to be doubled in three weeks—while Syria, Myanmar, and Laos face staggering levels of 40 to 41 percent. Taking to his Truth Social platform just after midnight, Trump posted: “IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!”
US plans 100-percent tariff on semiconductors
The latest tariff wave of “reciprocal” duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency.
These higher tariffs do not apply to sector-specific imports that are separately targeted, such as steel, autos, pharmaceuticals, and chips, however. Trump said Wednesday he planned a 100-percent tariff on semiconductors—though Taipei said chipmaking giant TSMC would be exempt, as it has US factories.
Even so, companies and industry groups warn that the new levies will severely hurt smaller US businesses. Economists caution that they could fuel inflation and weigh on growth in the long run. While some experts argue that the effects on prices will be one-off, others believe the jury is still out.
Related: Greece Braces for Impact as New US Tariffs Threaten Key Products
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