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Trump's new sweeping tariffs on dozens of countries take effect

2025-08-07 08:23:00, Kosova & Bota CNA

US President Donald Trump's sweeping new tariffs on more than 90 countries around the world have come into effect.

"It's midnight!!! Billions of dollars in tariffs are now flowing into the United States of America!" Trump said on social media minutes before the deadline in Washington, DC.

Earlier, the president slapped a 50% tariff on India, which will take effect on August 27 unless it stops buying Russian oil. Trump also threatened a 100% tariff on computer chips made abroad, while pushing tech firms to invest in the US. This came as Apple announced a new $100 billion investment in the US after being pressured by the White House to move more manufacturing to America.

Last week, the Trump administration announced a revised list of import tariffs on dozens of trading partners and extended a deadline for countries to reach agreements with the U.S. to Aug. 7. Countries have been rushing to reach agreements with Washington to reduce — or eliminate — what Trump calls “reciprocal tariffs.” His trade policies aim to reshape the global trading system, which he sees as unfairly treating the U.S.

Export-dependent economies in Southeast Asia were among the hardest hit by the new tariffs. Manufacturing-focused Laos and Myanmar faced some of the highest tariffs at 40%. Some experts said Trump appeared to be targeting countries with close trade ties with China. Stock markets in Asia appeared to take the news calmly on Thursday. Major stock indexes in Japan, Hong Kong, South Korea and mainland China were slightly higher, while markets in India and Australia were lower. The latest set of tariffs will offer countries some stability after months of chaos, said economist Bert Hofman of the National University of Singapore.

"That should be all. Now you can start analyzing the impact of the tariffs."

Several major economies - including the UK, Japan and South Korea - have already reached agreements to receive lower tariffs than those Trump threatened in April. The European Union has also reached a framework agreement with Washington, in which Brussels has accepted a 15% tariff on goods from the trading bloc.

Taiwan, a key ally of Washington in Asia, was given a 20% tariff. Its President Lai Ching-te said the rate is “temporary” and that talks with the US are still ongoing. Last week, Trump increased the tariff rate on Canada from 25% to 35%, saying the country had “failed to cooperate” in stemming the flow of fentanyl and other drugs across the US border.

The Canadian government says it is cracking down on drug gangs. But most Canadian exports to the U.S. will avoid import duties because of an existing trade treaty, the United States-Mexico-Canada Agreement (USMCA). Higher tariffs on Mexico have been suspended for another 90 days while negotiations continue to reach a trade deal./ CNA