DATE : 8 AUG

Just before midnight, Donald Trump took to social media to declare that billions of dollars would soon pour into the U.S. thanks to his new tariffs.

While tariffs make foreign goods more expensive and less competitive, they’re charged on imports—and the cost usually ends up being passed to consumers.

“The only thing that can stop America’s greatness is a radical left court that wants to see our country fail,” Trump wrote in all caps, referencing an ongoing court of appeals case questioning whether he overstepped his authority with the “reciprocal” tariffs.

The new rates vary—from 41% on Syria to 10% on the UK—and are stacked on top of existing import duties. For example, Brazil faces a 10% reciprocal tariff, but after a new executive order slapped on an extra 40% (linked to former president Jair Bolsonaro’s prosecution), the total jumps to 50%.

The EU is a special case—its baseline 15% rate (after a trade deal) replaces previous duties, meaning items like cheese will be taxed at 15% instead of 29.9%.

Since the late-Thursday announcement, governments worldwide have scrambled to negotiate exemptions, fearing the new border taxes could scare off investors and cost jobs. 😶‍🌫️