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The Latest: As Trump's Sweeping New Tariffs Take Effect, US Trading Partners Scramble Worldwide
UNITED STATES, AUG 7 – Average U.S. tariffs on imports rose from 2% to 17.3%, impacting 69 countries including the European Union and India, with New Yorkers facing $4,200 in additional taxes per household.
- After delays, the recent tariff deal took effect, imposing a 15% rate on South Korea, involving over 60 countries including the EU.
- Trump triggered new tariffs on Thursday, with tariffs reaching 15% for some allies, according to Yale’s Budget Lab.
- Families and businesses face nearly $33 billion in extra import taxes, with products from the European Union, Japan, South Korea, Taiwan, Vietnam, and Bangladesh affected as of August 7.
- While Trump argued tariffs would bring factories and jobs back, economists warn they may slow U.S. economic growth and increase unemployment, impacting supply chains and jobs in retail and manufacturing.
- Observers say the tariffs threaten global cohesion, risking fragmentation of the world trade order and damaging Washington's reputation by targeting India, the highest protectionism since the early 1930s.
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African nations hopeful to re-negotiate Trump tariffs, fear economic fallout
New trade tariffs imposed by US president Donald Trump came into effect on Thursday. Countries like South Africa and Lesotho are also hard-hit and are still hoping to re-negotiate the tariffs in the face of potentially dire consequences for their economies.
·Pointe-Noire, Congo (the)
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Coverage Details
Total News Sources43
Leaning Left7Leaning Right3Center13Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 30%
C 57%
13%
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