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Trump Declares Reciprocal Tariffs Now in Effect
On August 7th, President Donald Trump announced the immediate implementation of reciprocal tariffs on foreign nations, citing a need to “channel billions of revenue into the US economy.” The move, which comes amidst ongoing legal battles over presidential trade authority, will see rates varying by country.
According to sources, the tariffs will affect major partners and include a 40% transshipment tariff. Additionally, duty-free imports have been suspended, further exacerbating tensions in global trade relations.
In his statement on Truth Social, Trump emphasized that these measures aim to combat “years of unfair trade practices” perpetrated by other nations. He maintained that such action is necessary to ensure the continued greatness and prosperity of America, hinting at the idea that any attempt to hinder this progress would be catastrophic for the country’s future.
Notably, the tariffs impose a higher rate on Indian goods due to India’s ongoing reliance on Russian oil imports. This escalation marks one of the most significant trade moves taken by the Trump administration to date.
In response to the announcement, economists have expressed concerns that these measures will ultimately slow down GDP growth, while some international partners are already signaling discontent with the new policies.
As the situation unfolds, Crypto Briefing will continue to bring you updates on this story.
Source: cryptobriefing.com
