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President Trump has taken a decisive step in his pursuit to rewrite the rules of international commerce by announcing higher tariffs against over 60 U.S. trading partners. The move comes as the administration’s self-imposed midnight deadline, set for today.
According to the executive order signed by Mr. Trump, the new duties range from 10% to 41%, with certain countries facing steeper rates than others. Notably, Syria will be subject to a staggering 41% tariff, while Laos and Myanmar will have their imports taxed at 40%. Conversely, nearly all nations’ imports will be slapped with tariffs of no more than 10%.
The administration’s new policy is set to take effect in seven days, as the U.S. government stipulates that the duties must now be “entered for consumption or withdrawn from warehouse for consumption” during this period.
In a recent statement, Mr. Trump emphasized his commitment to rewriting international trade agreements. He has long contended that current trade policies disadvantage the U.S. and harm American workers.
Despite the tumultuous rollout of his tariff regime, it appears that President Trump has successfully altered terms of trade with key economic partners in ways that benefit the U.S. These changes include securing reductions or eliminations of tariffs on American goods exported to other countries.
Source: www.cbsnews.com
