“US President Donald Trump has signed a package of decrees on setting tariffs of 10% to 41% for imports of goods from 69 countries and territories, including the European Union. According to the decree, new import duties will come into force in seven days, with the exception of Canada – restrictions begin to act immediately.”, – WRITE: www.pravda.com.ua
Source: The Trump Executive Decree on the White House website, Financial Times
Details: The executive document states that the purpose of the duties introduced is to reduce the trade deficit, which in the White House was called “an unusual and extraordinary threat to the US national security and economy.”
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Syria (41%), Laos and Burma (40%) received the highest duties. The lowest – 10% – provided by the United Kingdom and separately its Falkland Islands.
Against Taiwan, the world’s most important exporter of semiconductors Trump has introduced a 20% tariff.
Some US partners, including the United Kingdom, the EU and Japan, have managed to conclude agreements on time – although critics in these countries call into question the results of the agreements reached.
Particularly acute new duties were hit by Canada. Despite the recent attempts by Prime Minister Mark Carni to negotiate with Trump, the agreement failed. US Trade Minister Howard Lutnik said Fox News that Karney “ignored political realities”, in particular, announcing the recognition of the Palestinian state in the midst of Trump’s negotiation.
A separate presidential decree on Canada provides for a 35 percent duty from Friday, August 1. For other countries, duties will take effect in a week to give the customs authorities time for implementation.
At the same time, goods corresponding to the conditions of the North American Trade Agreement (USMCA) – goods produced from North America or using deep processing of import resources – remain released from high tariffs.
President Taiwan Lai Cinde named 20% of the duty, which the United States was introduced to import from his country, “temporary” and expressed his hope that it could be reduced as a result of further negotiations.