Trump Imposes Sweeping Tariffs Worldwide
Global Trade Landscape Redrawn as US Raises Import Duties
President **Donald Trump** has enacted a broad series of new tariffs, escalating the average U.S. tax on imported goods across numerous countries and reshaping international commerce in a move that has drawn swift reactions from trading partners.
Broad Tariff Increases Unveiled
The executive order establishes tariff rates ranging from 10% to 41% for 67 nations, along with Taiwan and the European Union. While many baseline rates for partners remain at 10%, as implemented in April, concerns had been high that they could double.
Canada Faces Stiff New Tariffs
Canadian Prime Minister **Mark Carney** expressed disappointment after President **Trump** signed an order increasing tariffs on Canadian goods to 35% from 25% for items not covered by the US-Mexico-Canada trade agreement. Washington cited Canada’s efforts to curb fentanyl smuggling as a partial justification.
US duties and tariffs will heavily affect lumber, steel, aluminium, and automobiles, Mr Carney said in a post on X, vowing action to protect Canadian jobs, buy its goods, invest in industrial competitiveness and diversify export markets.
Regarding the fentanyl issue, Prime Minister **Carney** noted that Canada represents only 1% of U.S. fentanyl imports and has been actively working to reduce these volumes.
Asian Nations Affected by New Rates
South Korea’s trade ministry anticipates a decline in copper product exports to the U.S. due to a newly announced 50% tariff. The ministry stated it would pursue strategies to mitigate the impact by diversifying export destinations. The U.S. also imposed a 19% levy on imports from Thailand and Cambodia, a reduction from an initially threatened 36%, linked to a border dispute.
Malaysia, which helped broker a ceasefire in the border clash, also faces a 19% tariff. This rate matches those set for neighboring Indonesia and the Philippines. For both Cambodia and Thailand, the U.S. is a primary export market.
Taiwan’s Trade Deal Under New Tariffs
Taiwan’s exports to the U.S. are now subject to a 20% duty, one of several “reciprocal tariffs” enacted by President **Trump** before an important trade agreement deadline. This rate is lower than the 32% initially proposed in April before negotiations paused. Taiwan’s new tariff rate stands at 20%, compared to the 15% agreed upon by neighboring Japan and South Korea.
These trade shifts come as the U.S. economy faces complex global dynamics. For example, the International Monetary Fund projects global trade growth to slow to 2.4% in 2024, down from 3.1% in 2023, reflecting ongoing trade tensions and uncertainties (IMF, 2024).
