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Trump Declares Reciprocal Tariffs Now in Effect
In a shocking turn of events, President Donald Trump announced late Wednesday that reciprocal tariffs with foreign nations would come into effect at midnight. The trade measures aim to generate billions of revenue for the US economy and supposedly punish countries that have “taken advantage” of America for years.
According to an update from Gibson Dunn, the tariffs include country-specific rates ranging from 10% to 41%, with notable rates including 25% for India, 19% for Indonesia and the Philippines, and 15% for Japan and South Korea. The European Union secured a two-tiered structure, with zero tariffs on goods that already face duties of over 15%.
Trump has taken a tougher stance against Indian imports due to India’s continued purchase of Russian oil, imposing an executive order that adds a 25% tariff on top of an existing 25%, making the total rate on many Indian goods a staggering 50%. This hike is one of the highest rates the US has imposed on a trading partner.
The tariffs have sparked legal challenges in US courts, with plaintiffs arguing that the president lacks authority to impose duties under emergency powers. While lower courts initially blocked the measures, a stay pending appeal has kept them in effect.
The administration claims these tariffs will redirect trade flows and address deficits, generating about 5% of federal revenue. However, economists warn that the measures could slow GDP growth.
It remains to be seen how this sudden change in policy will impact global markets and international relations.
Source: cryptobriefing.com
