INTERNATIONAL
Trump declares ‘billions of dollars’ are flowing into the US as tariffs take effect
US tariffs on EU goods begin as global partners like Japan and Mexico face varied timelines and Europe pledges investment in response. - REUTERS
WASHINGTON: U.S. President Donald Trump celebrated his tariffs taking effect late on Wednesday night (August 6).
AI Brief
“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!,” Trump declared on Truth Social.
Trump's higher tariff rates of 10% to 50% on dozens of trading partners kicked in on Thursday (August 7), testing his strategy for shrinking U.S. trade deficits without massive disruptions to global supply chains, higher inflation and stiff retaliation from trading partners.
U.S. Customs and Border Protection agency began collecting the higher tariffs at 12:01 a.m. EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with major trading partners that sought to lower them.
Goods loaded onto U.S.-bound vessels and in transit before the midnight deadline can enter at lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April.
But since then, Trump has frequently modified his tariff plan, slapping some countries with much higher rates, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada and 25% from India. He announced a separate 25% tariff on Indian goods on Wednesday to be imposed in 21 days over the South Asian country's purchases of Russian oil.
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AI Brief
- Trump's tariffs of up to 50% on imports from dozens of countries began at midnight, aiming to reduce trade deficits.
- Goods already in transit to the US can enter under lower tariffs until October 5, easing immediate impact.
- India, Brazil, and others face steep hikes, with further tariffs planned over Russian oil ties and other disputes.
“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!,” Trump declared on Truth Social.
Trump's higher tariff rates of 10% to 50% on dozens of trading partners kicked in on Thursday (August 7), testing his strategy for shrinking U.S. trade deficits without massive disruptions to global supply chains, higher inflation and stiff retaliation from trading partners.
U.S. Customs and Border Protection agency began collecting the higher tariffs at 12:01 a.m. EDT (0401 GMT) after weeks of suspense over Trump's final tariff rates and frantic negotiations with major trading partners that sought to lower them.
Goods loaded onto U.S.-bound vessels and in transit before the midnight deadline can enter at lower prior tariff rates before October 5, according to a CBP notice to shippers issued this week. Imports from many countries had previously been subject to a baseline 10% import duty after Trump paused higher rates announced in early April.
But since then, Trump has frequently modified his tariff plan, slapping some countries with much higher rates, including 50% for goods from Brazil, 39% from Switzerland, 35% from Canada and 25% from India. He announced a separate 25% tariff on Indian goods on Wednesday to be imposed in 21 days over the South Asian country's purchases of Russian oil.