Ahead of a trade deal deadline on Friday, US President Donald Trump pushed on with his promises to reorganize the world economy by imposing high tariffs on exports from dozens of trading partners, including Canada, Brazil, India, and Taiwan. In a presidential executive order, Trump established rates that included a 35% charge on various Canadian items, a 50% duty on Brazil, a 25% duty on India, a 20% duty on Taiwan, and a 39% duty on Switzerland.
As the deadline of 12:01 a.m. EDT (0401 GMT) drew near, the directive indicated increased import duty rates for 69 trade partners from 10% to 41% beginning in seven days. Others had no chance to engage in negotiations with his government, while others had achieved agreements to lower tariffs.
In an effort to reduce trade imbalances and strengthen local manufacturing, the administration also hinted that further trade agreements were in the works. The Republican president has used emergency powers, put pressure on foreign leaders, and pushed through trade measures that caused a market sell-off when they were initially revealed in April in order to meet a deadline he set for himself that is Friday.
Also Read:
A Visionary Leader’s Journey from Legal to Energy Landscape: Salam Abou Hanna
A Passionate Entrepreneur’s Journey in Tech and Affiliate Marketing: Mukul Kaushik
About Author
