Based on the latest developments as of April 27, 2025, here is a summary of the temporary US tariffs and their effects:
1. Details of the declared customs duties:
Scope of application: The fees covered more than 180 countries and regions, with varying rates starting from a minimum of 10%, and rising to 50% for countries such as Vietnam (46%), China (34%), India (26%), and Japan (24%).
- Exceptions: The United States allows certain “friendly countries” to apply for temporary or permanent exemptions, with negotiations initiated by the U.S. Treasury Department.
- Unprecedented increase: The average US tariff rate on imports rose from 2.5% in 2024 to 22% in April 2025, the highest since 1911.
2. Most affected countries:
- China: Faced tariffs of up to 54% after the new tariffs were added to the previous list.
- European Union: The United States imposed 20% tariffs, despite the EU's attempts to suspend its retaliatory tariffs for 90 days to resume negotiations.
- Arab countries: These countries were affected by rates ranging between 10% (such as Egypt and Saudi Arabia) and 41% (Syria), with an indirect impact due to the global consequences of the fees.
3. Impact on global markets:
- Indexes collapse: Asian and European stock indices fell sharply, such as the Japanese Nikkei index (-7.7%), and the Hang Seng index (-13.2%).
Currency fluctuations: The US dollar fell by 2.29%, while the dollar rose as a safety indicator.
Supply chains: Companies have started moving their production from China to Vietnam and Indonesia to avoid tariffs.
4. International reactions:
- China: Described the US actions as "bullying behavior" and announced countermeasures, including a ban on the export of vital minerals.
- World Trade Organization: warned of the disintegration of the global trading system if the escalation continues.
- The European Union: threatened retaliatory responses if negotiations fail, while affirming its commitment to diplomatic solutions.
5. Economic and social repercussions in the United States**:
- Agriculture: Soybean and pork exports to China fell by 65%.
- Inflation: Consumers' concerns about rising living costs, especially in electronics and everyday goods, have increased.
- Internal disputes: The U.S. Chamber of Commerce filed a lawsuit challenging the legitimacy of the president's imposition of tariffs without congressional approval.
6. Future expectations:
- Continued escalation: Experts such as Ken Rogoff (IMF) predict that the tariffs will lead to a "third economic shock" after the 2008 crisis and the COVID pandemic.
Impact on growth: JP Morgan expects US GDP to decline by 0.8% if the policy continues for a year.
Conclusion:
US tariffs are not just an economic tool; they also carry geopolitical dimensions, as evidenced by the linkage they have been linked to issues such as Palestinian refugees in some reports. As uncertainty persists, it is advisable to follow official sources such as the White House and the World Trade Organization for immediate updates.