Washington: US President Donald Trump has introduced new tariffs ranging from 10% to 41% on imports from more than 70 countries, in a move aimed at countering nations that impose higher duties on American goods. The tariffs, announced after Trump took office, include a 25% duty on imports from India despite being a US ally. The new measures are set to take effect in several countries starting today.
Canada faces a tariff hike from 25% to 35% due to its alleged failure to address illegal drug issues and retaliatory trade actions against the US. Syria tops the list with a 41% tariff, followed by Laos and Myanmar at 40%, Switzerland at 39%, and Iraq and Serbia at 35%. Other notable tariffs include 30% for Algeria, Bosnia and Herzegovina, Libya, and South Africa; 25% for India, Brunei, Kazakhstan, Moldova, and Tunisia; and 20% for Bangladesh, Sri Lanka, Taiwan, and Vietnam. Brazil, the UK, and the Falkland Islands will face 10% tariffs.
Some tariffs take immediate effect, while others will be implemented from August 7. China has until August 12 to reach an agreement with Washington, failing which additional duties will be applied. Economists warn that the tariffs could disrupt global trade, raise import costs, and increase consumer prices, particularly affecting sectors such as aluminum, steel, auto parts, seafood, jewelry, textiles, smartphones, electronics, and food products.