Turkey's new tariffs are now in effect!

This could constitute the largest change to the global economy in nearly a century.

August 7, U.S. CNN report.

President Donald Trump has just imposed a new round of tariffs on dozens of U.S. trade partners, marking a significant escalation in ongoing trade tensions, which could constitute the largest change to the global economy in nearly a century.

Trump and his economic advisors celebrated the significantly higher tariffs that have already taken effect, correctly pointing out that these tariffs have brought in over $100 billion in tax revenue without causing catastrophic inflation or an economic recession.

The president is pushing forward with new, significantly more aggressive tariff measures, economists worry this may exacerbate economic issues that are just beginning to become more apparent, including rising inflation and slowing economic growth.

What are the new rates?

Before Thursday, almost all countries' goods had to pay at least 10% tariffs.

Now, the tariff rates vary greatly among countries.

The highest tariffs come from Brazil (50%), Laos (40%), Myanmar (40%), Switzerland (39%), Iraq (35%), and Serbia (35%).

Another 21 countries also have tariffs exceeding 15%. These include several countries that the United States relies on more, such as Vietnam (20%), India (25%), Taiwan (20%), and Thailand (19%).

Goods from India may also face an additional 25% tariff, as an executive order signed by Trump on Wednesday seeks to punish India for purchasing oil from Russia.

According to the list released by the White House last week, goods from 39 countries and EU members will be subject to 15% tariffs.

Why have these trade agreements attracted attention?

Over the past five months, Trump has announced eight trade agreements.

Only two of them - with the UK and China - have been formally concluded.

The agreement with China significantly reduced tariffs on goods between the two countries, and the agreement will expire on August 12.

If the two countries do not take action, tariffs may rise again significantly.

Are there any goods exempt from the new tariffs?

Yes, many.

A significant exception is smartphones, which are not affected by any new tariffs.

Trump has implemented separate tariffs on specific industries, meaning medicines, for example, can be imported from duty-free countries.

For some goods manufactured abroad, there are partial exemptions if at least 20% of their value comes from U.S. materials and labor.

When do these tariffs take effect?

Technically, they have already taken effect, but there is an exception.

The executive order signed by Trump last week actually indicates that most goods that were already loaded onto ships and en route to the United States before 12:01 AM on Thursday will be subject to the previous tariff rates until October 5.

This is not the end.

Trump has also threatened to impose comprehensive tariffs on semiconductors and timber. For example, during a meeting in the Oval Office on Wednesday, Trump said he would soon impose 100% tariffs on chips and semiconductors, although he did not provide a schedule.

Although the tariffs recently implemented by Trump may eventually be deemed illegal, they are currently being challenged in court, but the president has many means to continue advancing the agenda of raising tariffs.

Original: www.toutiao.com/article/1839784666847360/

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