US EditionTariffs Hit Sacramento Businesses, Affecting Pharmacies and Coffee Roasters
UNITED STATES, AUG 7 – New tariffs on imports from over 60 countries include rates up to 50%, aiming to address trade imbalances and raise revenue, with impacts on industries and inflation noted by economists.
- On August 7, the U.S. began collecting higher tariffs ranging from 10% to 50% on imports from over 60 countries including Brazil, Switzerland, and India.
- These tariffs follow months of negotiations and postponements and aim to correct trade imbalances while prompting new investments and manufacturing growth in the U.S.
- Affected countries like Switzerland, India, and Brazil have sought to renegotiate or respond with calls for joint action, while businesses like Beauty and Nike have raised prices to offset tariff costs.
- Commerce Secretary Howard Lutnick expects tariff revenues around $50 billion monthly, and Toyota forecasted a $10 billion hit with a 16% profit cut due to these tariffs.
- The tariffs raise U.S. import duties to the highest level in a century, with the administration confident they will boost hiring and investments but some economists and companies warn of negative economic impacts.
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