#TrumpTariffs
President Donald Trump began sending tariff notifications to about 12-15 countries, threatening to impose higher tariffs starting August 1, 2025, if new trade agreements are not reached. This step is part of his trade policy aimed at reducing the trade deficit and protecting domestic industries.
The basic tariffs are set at 10% on most imports, with the possibility of raising them to 70% on some countries, or 40% in cases of 'transshipment' to avoid duties. The International Monetary Fund has warned that these tariffs pose a 'significant risk' to the global economy and could lead to rising inflation and slower growth, while countries race to secure deals to avoid these tariffs.