๐ข New Trump Tariffs: Key Countries Affected, Effective Dates & Trade Impact ๐
The U.S. is rolling out a new tariff regime under former President Donald Trump, shaking up global trade once again. Hereโs what you need to know:
๐ป๐ณ Vietnam: U.S. imports from Vietnam will now face a 20% tariff, impacting key sectors like textiles, electronics, and furniture
๐จ๐ฆ Canada: Non-exempt Canadian goods will be hit with a 35% tariff, effective Friday at 12:01 a.m. ET, up from the previous 25%. These tariffs apply to products not protected under the US-Mexico-Canada Agreement (USMCA).
๐ฒ๐ฝ Mexico: A 25% tariff remains in place for another 90 days, after President Trump reached a last-minute agreement with Mexicoโs President Claudia Sheinbaum. This avoids the expected jump to 30%.
? When Will the Tariffs Go Into Effect?
While initially expected to begin this Friday, the broader new tariff rules will now be enforced starting August 7, giving U.S. Customs and Border Protection time to adjust duty collection systems. Canada's tariff hike, however, takes effect immediately.
? Trade Agreements Help Limit Higher Tariffs
So far, major trading partners like the United Kingdom, China, and Mexico have avoided steeper tariffs due to existing trade deals. But changes could be imminent:
The U.S.-China trade agreement is set to expire in less than two weeks, opening the door for potential tariff increases.
The European Union was expected to face 30% tariffs, but a weekend deal slashed that to 15%, aligning with South Korea and Japan.
Thatโs still up from the 10% tariff rate active since April.
๐ผ What This Means for Businesses & Consumers
This aggressive tariff policy could lead to:
Rising import costs
Supply chain disruptions
Inflationary pressure on consumer goods
Shifts in global manufacturing strategy
๐ Stay informed and adapt earlyโthese changes will impact industries from automotive and electronics to agriculture and retail.
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