Trump’s new import tariffs now in force against scores of countries
Dozens more countries face higher taxes as Trump tariffs come into force
- New tariff rates, initiated under US President Donald Trump's administration, came into effect on Thursday, marking a significant shift in global trade policy.
- These measures include proposed duties of up to 200 per cent on pharmaceuticals, 100 per cent on computer chips, and 50 per cent on most copper, steel, and aluminium imports.
- The tariffs announced on 1 August, which apply to 66 countries, Taiwan, and the Falkland Islands, have resulted in billions of dollars in higher costs for companies and increased uncertainty for global exporters.
- Despite the economic pressures, global financial markets largely took the adjustments in stride, with Asian shares and US futures mostly higher on Thursday.
- Major trading partners, such as the UK, EU, South Korea, and Japan, have negotiated deals for lower tariff rates to maintain access to the substantial American market.