Just before midnight, Trump claimed on social media that billions of dollars would start flowing into the United States as a result of the tariffs.
However, while tariffs make countries' exports more expensive and less competitive, they are paid upon import and typically passed on to the customer.
The president wrote in capital letters: 'The only thing that can stop the greatness of America is a radical leftist court that wants to see our country fail,' referring to an ongoing case in the U.S. Court of Appeals that is considering whether he exceeded his authority in imposing the 'reciprocal' tariffs.
Rates range from 41% on war-torn Syria to 10% for the United Kingdom and will be applied in addition to the usual tariffs imposed on products imported into the United States.
This means that while the 'reciprocal' rate in Brazil is 10%, its overall rate is 50% after an executive order imposed an additional 40% tax starting Wednesday linked to the trial of the country's former president Jair Bolsonaro.
The European Union is the only trading partner whose base price - set at 15% after a framework deal - will include the previous tariffs. This means, for example, that cheeses typically affected by an import duty of 14.9% will be taxed at 15% and not 29.9%.
Since the announcement late Thursday of last week, governments around the world have been racing to try to strike deals to avoid border taxes that they fear could deter investors and lead to job losses. 😶🌫️😶🌫️
