Trump's Tariff Blitz: Navigating Global Trade and Copper Markets
U.S. President Donald Trump announced a series of tariffs affecting imports from Brazil, South Korea, and India. The changes included a 50% tariff on certain copper goods and adjustments to tariffs on Brazilian imports. A significant trade deal with South Korea was also unveiled, affecting shipbuilding and energy sectors.
U.S. President Donald Trump on Wednesday set off a raft of tariff announcements, affecting global trade by targeting copper goods from India and a range of imports from Brazil and South Korea. This move comes as Trump races against an August 1 deadline for higher U.S. tariff rates.
On Thursday, Trump plans to enact executive orders imposing higher tariffs on several countries that couldn't reach trade deals with the U.S. The announcement of a 50% tariff on certain Brazilian goods, exempting key sectors like aircraft, came as somewhat of a relief in Brasilia.
In a significant development, Trump's deal with South Korea adjusts tariff rates and involves substantial investments in U.S. industries. It includes a $150 billion shipbuilding partnership and substantial energy purchases from South Korea, which could reshape the trade dynamics.
(With inputs from agencies.)
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