US President Donald Trump has triggered new tariffs on more than 90 countries around the world, targeting countries with close trade ties to China and imposing higher rates on some nations.
The sweeping tariffs, announced in April, have come into effect on Thursday, with rates ranging from 15% to 40%. The move aims to encourage jobs and manufacturing industries to return to America, while also addressing Trump’s concerns over the global trading system.
India will face a 50% tariff on imports, unless it stops buying oil from Russia. Trump has also threatened a 100% tariff on foreign-made computer chips, aimed at pushing tech firms to invest more in the US.
Export-dependent economies in South East Asia are among the hardest-hit, while manufacturing-focused countries like Laos and Myanmar face some of the highest levies. The European Union has struck a framework deal with Washington, accepting a 15% tariff on goods from the trading bloc.
The tariffs will offer stability after months of chaos, according to economist Bert Hofman from the National University of Singapore. However, experts warn that the move could have significant implications for global trade and economies.
Source: https://www.bbc.com/news/articles/cx23jmvn5yzo