Summary
- Donald Trump has unveiled a new range of tariffs on 60 countries, with rates ranging from 10% to nearly 50%.
- The countries affected include China (34%), Vietnam (46%), the EU (20%), and Cambodia (49%), among others.
- The US is the world’s biggest importer, bringing in trillions of dollars’ worth of goods annually.
- The proposed steep taxes are likely to impact supply chains across numerous industries, from technology to food and clothing.
- It is believed the move could also negatively impact consumers, with costs for retailers and shoppers likely to rise.
- Trump has not explained how the rates were calculated.
- The president has also signed an order closing the de minimis exemption, which allows packages worth less than $800 to enter the US duty-free.
By Mia Sato
Original Article