Trump's Tariffs: A New Wave of Import Duties
President Donald Trump has announced new tariffs on various imported goods, aiming to levy significant duties on items like branded drugs and heavy-duty trucks. While trade deals with nations like Japan, the EU, and the UK prevent tariff hikes on certain products, the fresh tariffs could affect imports from countries such as China.
President Donald Trump has escalated his tariff strategy, imposing stringent duties on an array of imports beginning October 1. Significant tariffs will be applied to branded drugs, heavy-duty trucks, and more, with a staggering 100% duty on medications and 25% on trucks.
Although trade agreements with Japan, the European Union, and the United Kingdom include protective measures against tariff hikes for specific goods, some sectors could still feel the heat. Meanwhile, the European Union agreed to a 15% tariff rate on various items, aligning with the U.S. administration's strategy.
The ongoing U.S.-China trade tensions maintain a truce with a locked 30% tariff on Chinese imports. The looming Supreme Court ruling on the legality of Trump's expansive tariffs could impact the enforcement of these new duties, presenting a critical test for his economic strategy.
(With inputs from agencies.)
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- heavy-duty trucks
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