60 Countries Scramble To Respond To Trump’s Tariffs

Over 60 countries worldwide are rushing to respond to nan latest activity of US tariffs announced by US President Donald Trump, which came into unit connected Thursday, August 7th, respective news outlets reported.

Industry representatives successful rich | and mediocre countries warned of occupation losses arsenic nan tariffs upended a decades-old world trading strategy pinch rates ranging from 10 per cent to 39 per cent, 40 per cent and 41 per cent for Switzerland, Brazil and Syria, according to a The Guardian report.

All astir nan globe, authorities officials and heads of authorities were trying to instrumentality contingency plans aft Trump’s tariff threats turned to reality astatine a infinitesimal past midnight Washington time. The Brazilian authorities said it was readying a authorities assistance scheme for companies affected. The president, Luiz Inácio Lula da Silva, said nan duties were “unacceptable blackmail”.

US Customs started collecting nan higher taxes

In nan United States, nan country’s Customs and Border Protection agency began collecting nan higher tariffs of 10 per cent to 50 per cent arsenic soon arsenic they officially kicked successful aft weeks of suspense complete Trump’s last tariff rates and frantic negotiations pinch countries seeking to little them, Reuters reported.

After unveiling his “Liberation Day” tariffs successful April, Trump has often modified his waste and acquisition warfare strategy, slapping overmuch higher rates connected imports from immoderate countries, including 50 per cent for equipment from Brazil, 39 per cent from Switzerland, 35 per cent from Canada and 25 per cent from India, which Trump deed pinch an further 25 per cent taxation to beryllium put into effect successful 21 days complete India’s Russian lipid purchases.

‘Trade cannot beryllium a termination pact’

“BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE US FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA,” Trump said connected Truth Social.

Trump’s apical waste and acquisition negotiator, Jamieson Greer, said nan United States was reversing decades of policies that had debilitated nan country’s manufacturing capacity and workforce, and that galore different countries shared concerns astir macroeconomic imbalances.

“The rules of world waste and acquisition cannot beryllium a termination pact,” he wrote successful a New York Times column.

“By imposing tariffs to rebalance nan waste and acquisition shortage and negotiating important reforms that shape nan ground of a caller world system, nan United States has shown bold leadership,” Greer said.

Toyota connected Thursday, August 7th, said it expected a deed of astir $10 cardinal from tariffs connected cars imported into nan US arsenic it trim its full-year profit forecast by 16 per cent. But different Japanese companies, specified arsenic Sony and Honda, said they now expected a insignificant effect connected profits aft Japan agreed a bilateral woody pinch Washington to little tariffs.