Donald Trump's tariffs have officially come into effect today, and their impact will touch dozens of countries around the world.
President Trump's tariffs went into effect as of midnight (August 7) after months of tough negotiations, affecting more than 90 countries around the world.
The POTUS initially outlined his plan for 'reciprocal tariffs' on US trading partners on so-called 'Liberation Day' (April 2) but granted various extensions to allow partners to negotiate new deals up until today.
However, that grace period has now officially ended as Trump celebrated the move on his platform Truth Social.
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With mere minutes to the deadline, he penned: "RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA.
"THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!"
In a follow-up post, Trump reiterated his notice, adding: "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA."
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His tariffs could hit as high as 50 percent for the countries the POTUS deems to have historically 'taken advantage' of America with 'unfair' trading policies.
While US importers say they will absorb the costs of the tariffs, as opposed to pass them onto the consumer, they warn that they will be unable to manage this long term.
The hikes threaten to raise the costs of some everyday and essential goods, including food and produce, clothes, automobiles and car parts, as well as steel, copper, aluminium and electronics.
Trading partners have been racing to secure a deal with Washington ever since - or have been calling on Trump to scrap his vision for 'reciprocal tariffs' entirely.
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Canada, which has been at the forefront of fighting back against Trump's trade war, is waking up to a 35 percent tariff today as Trump accused the US neighbor of having 'failed to cooperate' in stopping the flow of drugs across the border.
However, goods that fall under the USMCA trade deal will not be affected by the additional tariffs.
Among those hit with the higher end of levies is Brazil, with many of its goods including beef and coffee subjected to a 50 percent tariff overnight - though the president said the tariff has been applied due to what he says is a 'witch hunt' prosecution of the South American country's former president, Jair Bolsonaro.
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However, some Brazilian exports will be exempt, such as orange juice, aircrafts, pig iron, precious metals, wood pulp, energy and fertiliser.
India has also been threatened with the same 50 percent tariff that is due to roll-out on August 27 unless it stops purchasing oil from Russia.
The levy for India comes as the president initially implemented a 25 percent tariff earlier this week on August 1 and plans to inflict the further 25 percent as a sanction for 'fueling the war machine' in Russia as it continues its assault on Ukraine.
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Economies in South East Asia are also said to be the hardest-hit by the new tariffs, with Laos and Myanmar facing some of the highest at 40 percent in what appears to be a punishment for their close trade ties with China.
Meanwhile, Mexico has been granted an additional 90-day extension for negotiations and China too has agreed to pause until August 12.
Of those that Trump has agreed to a trade deal with include the UK (10 percent tariffs), the European Union (15 percent), Taiwan (20 percent) and a $550 billion deal with Japan.
Yet, there are still some countries that are yet to come to an agreement with the US, including Switzerland, South Africa, Brunei, Cambodia, Bolivia, Ecuador, Iceland, Nigeria, Sri Lanka, New Zealand, Turkey, Norway, Iran, North Korea, and Russia.
Topics: Canada, Donald Trump, Europe, Politics, Tariffs, Truth Social, UK News, US News
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