Countries Brace For Impact As Trump's Tariffs Officially Go Into Effect

President Donald TrumpThe US began officially levying higher taxes on imports from dozens of countries on Thursday, four months after President Donald Trump first announced plans to impose tariffs on most of the world while seeking new trade agreements across the board.The White House said that starting just after midnight, goods from more than 60 countries and the European Union would face tariff rates of 10% or higher.Products from the European Union, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%. Trump also expects places such as the EU, Japan and South Korea to invest hundreds of billions of dollars in the US.The Trump White House is confident that the onset of his broad tariffs will provide clarity about the path of the world’s largest economy. Now that companies understand the direction the US is headed, the administration believes they can ramp up new investments and jump-start hiring in ways that can rebalance the US economy as a manufacturing power.But so far, economic data has shown a US economy that began flagging after Trump’s initial rollout of tariffs in April.How have countries responded?South KoreaSouth Korea’s trade minister warned continued trade uncertainty despite a last-minute tariff deal with the Trump administration, calling for swift support for vulnerable sectors and long-term efforts to diversify trade networks and enhance the competitiveness of key industries.During a meeting with business leaders and trade experts, Hankoo Yeo said South Korea must reset its trade strategy to address the global rise in protectionism, which he called the “new normal,” as participants discussed follow-up measures to last week’s trade deal with the United States, his ministry said.Under the deal, Washington agreed to cut its reciprocal tariff on South Korea to 15% from the initially proposed 25% and to apply the same reduced rate to South Korean cars, the country’s top export to the United States.South Korea also agreed to purchase $100 billion in US energy resources and commit $350 billion to US investments, though the two countries have offered differing interpretations of how the investment fund would be structured and managed.In a separate radio interview, Yeo insisted that South Korea’s major chipmakers—Samsung Electronics and SK Hynix—would be unaffected by the 100% tariffs that Trump has vowed to eventually impose on semiconductor imports.Yeo said Washington, under the recent tariff deal, agreed to designate Seoul as one of its most favoured trade partners, shielding it from such rates.SwitzerlandThe Swiss executive branch, the Federal Council, was expected to hold an extraordinary meeting on Thursday afternoon after President Karin Keller-Sutter and other top Swiss officials returned from a hastily arranged trip to Washington, which initially appeared to produce few results, in a bid to avert steep 39% US tariffs on Swiss goods.On her X account, Keller-Sutter posted photos of meetings with US Secretary of State Marco Rubio — with whom her team discussed tariffs and other issues — as well as with American and Swiss business leaders.She made no reference to any deal to bring down the US tariffs on Swiss products, which are among the highest imposed on any country by the Trump administration.IndiaA top body of Indian exporters said on Thursday the latest US tariffs will impact nearly 55% of the country’s outbound shipments to America and lead to exporters losing long-standing clients.“Absorbing this sudden cost escalation is simply not viable. Margins are already thin,” S.C. Ralhan, president of the Federation of Indian Export Organisations, said in a statement.The tariffs effectively impose a cost burden, placing Indian exporters at a competitive disadvantage with countries that have lesser import taxes, he added.In 2024, the US ran a $45.8 billion trade deficit in goods with India, meaning America imported more from India than it exported, according to the US Census Bureau.American consumers and businesses buy pharmaceutical drugs, precious stones, and textiles and apparel from India, among other goods.Prime Minister Narendra Modi on Thursday said India will never compromise the interests of farmers.“For us, the interests of farmers are a top priority. I know I will have to personally pay a heavy price for it, but I am ready,” Modi said at a conference in what was seen as a message to the US administration, which has been seeking greater access to India’s agriculture and dairy sectors.India and the US have had five rounds of negotiations on a bilateral trade agreement, but haven’t been able to clinch one so far.On Wednesday, Trump signed an executive order to place an additional 25% tariff on India for its purchases of Russian oil. The order would go into effect in 21 days and bring the combined tariffs imposed on India to 50%.Related...Donald Trump Reveals The Reason Why The UK Is 'Very Well Protected' From His TariffsBlow For Rachel Reeves As UK Economy Shrank By 0.3% After Trump TariffsDonald Trump's Tariffs Blamed As Experts Make Grim Forecast About UK Economy

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