Trump's Tariff Turmoil: Uncertainty in Global Trade
President Donald Trump signed an executive order imposing new tariffs on several US trading partners. This move impacts global trade dynamics, with rates based on trade imbalances. Trump engaged in negotiations with international leaders, aiming for economic reforms but with potential consequences for US consumers and businesses.
- Country:
- United States
In a bold move on Thursday, President Donald Trump signed an executive order that imposes new tariffs on a range of US trading partners. Set to take effect on August 7, the mandate is the latest chapter in Trump's trade policy, testing the resilience of global economic alliances.
The executive order follows a frenetic period of negotiations, with Trump setting tariffs based on trade imbalances. A senior official stated that countries including Lesotho, Taiwan, and Pakistan would see varying tariff rates, while Switzerland faces a substantial 39% levy.
As Trump dwells into negotiations, he promised 90-day talks with Mexico and achieved deals with South Korea, Japan, and the EU. However, the global trade stage remains fraught with uncertainty, as Trump's aggressive tariff strategies could impact US consumers and businesses.
(With inputs from agencies.)
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