The US has imposed new tariffs on trading partners, with some exemptions, as part of a broader trade policy overhaul. Here's what's happening :

- *Tariff Rates:* A universal 10% tariff on nearly all imported goods took effect on April 5, 2025. Country-specific tariffs range from 15% to over 40%, with China facing a 34% duty.

- *Exemptions:* USMCA (United States-Mexico-Canada Agreement) partners and certain aid items are exempt from these tariffs.

- *Country-Specific Tariffs:* Some countries face higher tariffs due to trade deficits or other factors. For example:

- *Highest Tariff Tier (40%+):* Lesotho (50%), Syria (41%), and Myanmar (40%)

- *Other Countries:* Vietnam (20%), Philippines (19%), Thailand (19%), and India (25% + penalty)

- *Trade Deals:* The US has reached agreements with some countries, including:

- *EU:* 15% tariffs on EU imports, with a $600 billion investment commitment

- *Japan:* 15% tariffs, with a $550 billion investment commitment

- *South Korea:* 15% tariffs, with a $350 billion investment commitment

- *Impact:* These tariffs could raise the average US tariff rate significantly, potentially increasing consumer prices and affecting businesses that rely on imports.

The tariffs aim to protect US industries, push other countries to remove trade barriers, and encourage companies to manufacture more in the US. However, critics argue that tariffs can lead to higher prices, reduced economic growth, and strained international relationships .

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