In a dramatic twist ahead of the August 1 deadline, U.S. President Donald Trump launched a series of tariff moves that are shaking up global trade. His bold measures come as he seeks to reshape trade rules on the international stage.
The day kicked off with a 25% tariff announced on goods from India. Despite referring to India as a friend, Trump criticized what he described as "excessive tariffs" and disapproved of India's purchases of Russian military equipment. In response, India stressed its commitment to finalizing a fair, balanced, and mutually beneficial trade agreement.
Brazil wasn't spared either. An executive order was signed to implement an additional 40% tariff on Brazilian goods, bringing the total rate to 50%. This steep increase follows heightened political and economic tensions, with Brazilian officials expressing a willingness to negotiate while emphasizing the internal nature of their political affairs.
In contrast, a new tariff deal with South Korea took a more balanced approach. Rather than the previously threatened 25% rate, a 15% tariff was set. Along with this, South Korea is required to invest $350 billion in the U.S. and secure $100 billion in energy product purchases, a move heralded by South Korean leadership as a key breakthrough in stabilizing export conditions.
But that's not all—Trump also imposed a universal 50% tariff on semi-finished copper products and copper-intensive derivatives, effective August 1. This announcement sent shockwaves through the market with U.S. copper futures plunging, as analysts warned of the potential impact on the domestic copper industry.
Lastly, the White House suspended the de minimis exemption that previously allowed low-value shipments (valued at or under $800) to enter the U.S. without tariffs. Starting August 29, these shipments will face all applicable duties, marking another step in tightening trade practices.
Much like a plot twist in your favorite binge-worthy series, these sweeping tariff moves are keeping everyone on their toes. Will international partners strike new deals, or will these measures permanently reshape global commerce? Stay tuned for more updates! 🚀
Reference(s):
Trump strikes tariff deal with S. Korea, ups rates for India, Brazil
cgtn.com
