US EditionThe 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.
30 Articles
30 Articles
Black-Owned Businesses Confront Rising Costs Amid Trump’s Tariffs
Sweeping tariffs took effect Thursday, and while President Donald Trump has said the tariffs would lead to factories and jobs moving back to the United States, for Black Americans and small-business owners, it is not that simple. Prices are expected to dramatically rise for clothing and shoes; electronics like cellphones and computers; cars and auto repair; and groceries like coffee, fruits, vegetables, alcohol, and seafood. Economists say the …
Poll of the Day: Are you worried about spending with tariffs going into effect today?
The U.S. has begun officially levying higher taxes on imports from dozens of countries Thursday, four months after President Donald Trump first announced plans to impose tariffs on most of the world while seeking new trade agreements across the board.
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