🔊🔊🔊 Trump's Tariff Tsunami: Up to 70% Tariffs Loom as July 9 Deadline Nears!
Donald Trump is set to unleash a wave of new tariffs, with rates as high as 70%, starting August 1. This comes as a crucial July 9 deadline approaches for nations to finalize new trade agreements with the United States. If countries don't strike a deal by then, they'll face significantly higher fees to access the U.S. market.
Trump's administration previously implemented a temporary 10% tariff, but that window is closing. Countries like Korea, Indonesia, Switzerland, and the European Union are currently in urgent talks to avoid these steep increases. Trump has openly criticized countries like Japan and the EU for what he sees as exploitative trade practices and has even threatened a 17% tariff on EU agricultural products like Belgian chocolate and Italian olive oil.
The prospect of these tariffs is already shaking global markets, with stock markets in Asia and Europe experiencing declines. Economists warn that these tariffs could lead to higher costs for consumers and fuel global inflation. Despite these warnings, the Trump administration is determined to use tariffs as a powerful tool to secure more favourable trade terms for the U.S.
