Trump's New Tariffs Shake Global Trade Landscape
US President Donald Trump's increased tariffs on imports have sparked a mix of relief and frustration among global partners. As new rates take effect, several countries are negotiating deals to lower tariffs, while others like China face uncertainties. Economic reactions remain muted amidst rising trade tensions.
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In a significant move impacting global trade, US President Donald Trump has instituted new tariff rates on imports from various countries, with percentages soaring up to 41%. While some countries managed to negotiate lower tariffs or secure deals, others missed the August 1 deadline, resulting in heightened economic tensions worldwide.
China, holding the largest trade surplus with the US, finds its future trade relations uncertain post-Stockholm talks. North American allies Canada and Switzerland expressed disappointment over increased tariffs, affecting key sectors like pharmaceuticals and luxury goods. In contrast, New Zealand and Australia continue to lobby for reduced rates on their exports.
Cambodia and Thailand received lowered tariff rates, a relief compared to initially proposed figures, aligning them with their recent trade negotiations with the US. Meanwhile, Bangladesh secures a significant tariff reduction, protecting its crucial apparel industry while balancing agricultural import commitments from the US.
(With inputs from agencies.)
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