Senator Rand Paul, R -i.
President Donald Trump Higher taxes on the import of dozens of countries came into force on Thursday, just as the economic impact of its previous tariffs began to show visible damage to the US economy.
The New wide tariffs It came into force immediately after midnight on Thursday, going 50%. They come after some major trading partners achieved framework deals for trade and investment concessions with Trump.
The White House said the goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. Products from Japan, South Korea and the European Union will be taxed at 15% and imports from Taiwan, Vietnam, Bangladesh and others will be charged 20%. The UK will only be taxed at a rate of 10%.
Trump predicts places like Japan, South Korea and the European Union investing hundreds of billions of dollars in the United States
Trump raises tariffs for India, Canada, Brazil and others for stalled trade deals
Higher import taxes on President Donald Trump came into force on dozens of countries on Thursday. (Anna MoneyMaker / Getty Images / Getty Images)
“I think growth will be unprecedented,” Trump said on Wednesday, adding that the United States “took hundreds of billions of dollars in tariffs.”
The goods loaded on the US -connected ships and in transit before midnight could enter the previous lower tariff rates before October 5, according to the CBP report to the senders issued this week. Imports from many countries have faced a basic 10% import of duty after Trump paused higher rates released in April.
The new wide tariffs came into force immediately after midnight on Thursday, walking 50%. (Reuters / Reuters photos)
Since then, Trump has changed his tariff plan, striking some countries with higher rates, including 50% for Brazil’s goods, 39% of Switzerland, 35% of Canada and 25% of India.
The president announced a 25% special tariff for Indian products on Wednesday to be imposed in 21 days to buy Russian oil.
China, imposed by retaliatory tariffs, will face a potential increase in the tariff on August 12, unless Trump approves a continuation of the previous truce after negotiations last week. He said he could impose additional duties in response to the purchase of Russian oil.
The Trump administration has a position that now that companies understand the direction in which the United States is located when it comes to tariffs, it can strengthen new investments and strengthen employment to support the US economy.
Trump hits India with 25% tariff over oil in Russia
The goods loaded on the US -bound ships and in transit before midnight could enter the previous lower tariff prices before October 5. (Luke Sharet / Bloomberg through Getty Images / Getty Images)
US Secretary of Finance, Scott Besen, predicted that US tariff revenue could reach $ 300 billion a year. But us companies and consumers are preparing for the influence of new duties.
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Trump celebrated the huge increase in federal revenue from his import tax collections, which pay companies importing goods and consumers of products.
Reuters contributed to this report.
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