White House announced a new trade policy starting August 7 that affects most nations as the US moves away from decades of free trade towards a protectionist era. This includes:
10% tariff on countries having trade surplus with U.S. and 15% on countries with trade deficit with the U.S.
26 countries face tariff rate higher than 15%. Canada faces 35% levy; however, goods compliant with the USMCA would not be subject to the higher rate. Higher tariffs for Mexico have been paused for 90 days. Brazil, a country with which the US has a trade surplus, faces the highest levy of 50, though some sectors have been excluded.
Trump has imposed a 25% tariff on India with an additional unspecified penalty for India’s trade with Russia for defence equipment and crude oil.
Trump set rates of 39% for Switzerland and 20% for Taiwan.
Stock markets across the world have reacted negatively to the announcement.
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