The US President Donald Trump has announced the reinstatement of tariffs on nearly 70 countries, reviving his trademark protectionist stance.
The executive order lifts duties from the previous 10% baseline to as high as 41% for some nations, targeting imports while bolstering US manufacturing.
Nevertheless, this seemingly muscular approach by President Trump has raised fears of inflation and other economic fallout in the world’s biggest economy.
Although the tariffs were slated to begin immediately, the White House granted a brief delay of one week, leaving room for potential negotiations.
Countries like Switzerland and Canada will see higher rates, while Thailand and Taiwan received reduced but still significant levies. Exemptions remain under the North American trade pact.
Analysts say Trump claimed tariffs are essential to America’s economic survival. Still, the sharp escalation triggered widespread concern as they warn of inflationary pressure and legal scrutiny, with courts currently reviewing the scope of Trump’s emergency economic powers.
Critics say the approach risks dismantling the post-WWII trade framework.
While deals were reached with several key economies—including Japan, South Korea, and the EU—China remains in limbo, facing a separate deadline that could reignite the US-China tariff tensions.
Wendy Cutler of the Asia Society Policy Institute noted, “These agreements tear up the trade rule book. Whether our partners can preserve it without the US is an open question.”
The outcome of this aggressive pivot remains uncertain, as global markets brace for ripple effects across industries.