Turkey again postponed the tax collection deadline, continuing negotiations with trade partners

This week, the US trade partners were preparing for a series of tariff increases. However, after the deadline for increasing tariffs passed, President Trump once again postponed the tax collection deadline, now pushing it to August. The "reciprocal" tariffs on dozens of economies, including the EU and Japan, will start at 10% from August 1st and increase to higher levels. The original deadline for these additional tariffs was July 9th, but Trump delayed this decision, which is the second delay since the tariff decision was announced in April this year.

In April, Trump imposed a 10% "base" tariff on most trade partners, which is still in effect.

Afterward, he began sending letters to impose tariffs of more than 10% on individual countries, including Brazil. Brazil has a trade deficit with the US and was not initially on the list of countries subject to the higher "reciprocal" tariffs.

Currently, only the UK and Vietnam have reached preliminary trade agreements with the US,

According to AFP, Trump particularly targeted China. This year, the world's two largest economies, the US and China, have been engaged in an escalating tariff war, and both sides temporarily withdrew their tariffs.

At one point, they imposed tariffs as high as three digits, which effectively amounted to a trade embargo.

Following high-level talks, Washington temporarily reduced tariffs on Chinese goods to 30%, while Beijing temporarily reduced its tariffs to 10%. The suspension period will expire in mid-August.

The US tariff level is higher because it includes a 20% tariff on Chinese products suspected of playing a role in global fentanyl trade.

In addition to large tariffs on Chinese products, Trump also ordered the cancellation of the免税 policy for low-value packages from China. This increased the cost of imported goods such as clothing and small electronics.

Soon after Trump took office this year, the US imposed a 25% tariff on products from Canada and Mexico.

On Thursday, Trump announced that Canadian goods will face a higher 35% tariff starting August 1st.

Turkey imposed tariffs on specific industries, imposing a 25% tariff on steel and aluminum imports, which was later doubled to 50%.

On Wednesday, Trump announced plans to impose a 50% tariff on copper imports starting August 1st.

He also imposed a 25% tariff on imported cars, but cars entering the US under the USMCA agreement can enjoy a lower rate.

Turkey's car tariffs also affect car parts. In addition, he is investigating the import of wood, semiconductors, medicines, and key minerals, which may lead to further tariffs.

Original: https://www.toutiao.com/article/1837396775801996/

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