|
|
|
|
|
|
|
|
|
|
| |
Trump's
Sweeping
Tariff
Regime
Takes
Effect
Today,
Reshaping
Global
Trade
Charles
Mosley -
Business/Money
Tell Us
USA News
Network
WASHINGTON,
Aug. 7,
2025 —
President
Donald
Trump's
expansive
new
tariff
system
went
into
effect
today,
implementing
country-specific
duties
that
will
fundamentally
alter
America's
trade
relationships
with
dozens
of
nations
and mark
a
decisive
shift
away
from
decades
of free
trade
policies.
The
tariffs,
which
were
delayed
from
their
original
implementation
date to
allow
U.S.
Customs
and
Border
Protection
time to
prepare,
affect
virtually
every
major
trading
partner
except
those
with
existing
trade
agreements.
The
White
House
unveiled
the new
trade
policy
late
last
week,
cementing
a break
from
decades
of free
trade
and
signaling
a new
protectionist
era.
Tariff
Rates by
Country
The new
duties
vary
significantly
by
nation,
with
some of
America's
closest
allies
facing
substantial
barriers.
Canada
has been
hit with
a 35%
tariff
rate,
Switzerland
faces
39%,
while
Taiwan
will see
a 20%
duty on
its
exports
to the
United
States.
The
tariffs
build
upon a
universal
10%
baseline
that was
already
implemented
earlier
this
year.
Canada
represents
a
particularly
significant
development,
as the
northern
neighbor
is one
of the
United
States'
largest
trading
partners.
The high
tariff
rate
could
disrupt
supply
chains
for
everything
from
energy
to
agricultural
products
that
flow
freely
across
the
border
under
existing
trade
agreements.
Implementation
Details
Goods
that
were
loaded
onto
vessels
and are
in
transit
to U.S.
ports
before
today's
implementation
will not
be
subject
to the
new
duties,
provided
they
clear
customs
by
October
5. This
grace
period
is
designed
to
prevent
immediate
disruptions
to
shipments
already
en
route.
The
Trump
administration
had
initially
planned
to
implement
these
measures
earlier
but
extended
the
deadline
to
August 1
and then
to
today,
sending
letters
to 14
countries
including
Japan
and
South
Korea,
indicating
the
tariffs
they
would
face if
they did
not
present
trade
deals
with the
U.S.
Market
and
Economic
Impact
Financial
markets
have
been
volatile
in
anticipation
of the
tariff
implementation.
Markets
slumped
earlier
this
week on
the
tariff
announcement
combined
with
jobs
data.
The
measures
are
expected
to
increase
costs
for
American
consumers
and
businesses
that
rely on
imported
goods,
while
potentially
providing
protection
for
domestic
industries.
Trade
experts
warn
that the
tariffs
could
spark
retaliatory
measures
from
affected
countries,
potentially
escalating
into
broader
trade
conflicts.
The
policies
have
already
sparked
a trade
war with
Canada
and
Mexico
and
escalated
tensions
with
China.
What to
Expect
Businesses
importing
goods
from
affected
countries
should
expect:
-Immediate
cost
increases
on
products
subject
to the
new
tariffs
-Potential
supply
chain
disruptions
as
companies
seek
alternative
suppliers
-Increased
paperwork
and
compliance
requirements
at
customs
-Possible
shortages
of
certain
imported
goods as
prices
rise
Consumers
may see
higher
prices
on
everything
from
electronics
and
machinery
to food
products,
depending
on the
country
of
origin.
The full
economic
impact
will
likely
become
clearer
in the
coming
weeks as
businesses
adjust
their
pricing
and
sourcing
strategies.
The
tariff
implementation
represents
one of
the most
significant
changes
to U.S.
trade
policy
in
decades,
fulfilling
Trump's
campaign
promises
to use
tariffs
as a
tool to
renegotiate
trade
relationships
and
protect
American
industries.
The
long-term
effects
on
economic
growth,
inflation,
and
international
relations
remain
to be
seen as
trading
partners
consider
their
responses
to the
new
trade
barriers.
|
|
|
|
|
|
|
|
|
I
HI TECH NEWS
I
SPORTS
I
