U.S. President Donald Trump made the announcement on Thursday that a new set of retaliatory tariffs would take effect at midnight. These tariffs are targeted at countries he says have long taken advantage of America's trade system.
Writing on Truth Social, Trump stated that the action would result in major financial returns to the United States.
Reciprocal tariffs go into effect tonight at midnight! Billions of dollars, much of which is coming from nations which have exploited the United States for decades and laughed all the way to the bank, will begin to flow into the USA," he posted.
Earlier this month, on August 1, Trump announced sweeping tariff proposals on imports from over 60 countries. The tariffs between 15% and 41% were to be implemented from August 7 at 0401 GMT.
In a second round of action on Wednesday, Trump announced secondary sanctions directly targeted against India and possibly China, citing their continued economic ties with Russia as the main motivation.
Under the new framework, impacted nations will have tariffs beginning at 10%, with some countries paying higher duties. Imports from the European Union, Japan, and South Korea will have a 15% tariff, while Taiwan, Vietnam, and Bangladesh will pay tariffs at 20%.
India will be hardest hit, with an initial 25% tariff under the executive order and a second 25% tariff taking effect starting August 28, in connection with its commercial relationships with Russia.
Trump also made the tariff imposition conditional on domestic politics, threatening that only a certain form of judicial meddling would compromise national advancement.
“The only thing that can stop America’s greatness would be a radical left court that wants to see our country fail!” he asserted.
As confirmed, India’s additional 25% tariff hike will officially come into force on August 28.
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