Hey there, news fam! Trump's fresh set of tariffs is shaking up global trade in a big way. Although the new duties are scaled down from earlier proposals, they still hit hard with rates ranging from 10% to an eye-popping 41%. Key players like India (25%), Canada (35%), and Switzerland (39%) are feeling the heat as these tariffs kick in on August 7. 😮
While nations such as the UK and Japan managed to secure lower rates with last-minute deals, countries like India, South Africa, and Brazil were dealt some of the steepest levies. The impact is already being felt: for instance, India's rupee dipped nearly 2% amid capital outflows, and key exports—pharmaceuticals, autos, and gems—could see a slowdown that might shave off 0.4 percentage points from GDP growth in 2025‑26.
Even those with partial tariff relief aren’t out of the woods. South Korea struck a deal that cut the threatened U.S. auto tariffs from 25% to 15%, yet doubts linger over unclear conditions tied to massive investments and energy purchase commitments. 🤔
These rising duties are reverberating globally. In the U.S., retailers like Walmart are hinting at price hikes as higher import costs filter through, while the Organization for Economic Co-operation and Development (OECD) has revised its global growth outlook downward. Meanwhile, emerging economies in Africa, Asia, and Latin America are bracing for further disruptions in sectors like copper, agriculture, and textiles.
On the multilateral front, Beijing and other Global South nations are advocating for dialogue and cooperation to ease trade tensions rather than unilateral tariff measures. This is a vivid reminder in our interconnected world that economic policies in one region can ripple across continents. 🌍
Whether you're into tech trends, lifestyle updates, or just keeping an eye on global news, these shifts in trade policy underscore how dynamic and intertwined our economic futures really are. Stay savvy and keep following the updates! 🚀
Reference(s):
Trump's new tariffs deepen global divides amid economic fallout
cgtn.com
