The U.S. has instituted new tariffs ranging from 10% to 50% on imports from over 60 countries and the EU. The U.S. Customs and Border Protection initiated collection of these tariffs just after midnight. Leaders from Brazil and India remain firm despite higher tariffs imposed. Trump's previous tariff modifications indicate an ongoing strategy to reduce trade deficits while managing potential backlash. High tariffs on specific countries have been introduced, with the expectation of significant revenue increase. Both U.S. officials and trading partners, including Brazil and India, acknowledge the risks associated with these trade policies.
After unveiling his 'Liberation Day' tariffs in April, Trump has frequently modified his plans, slapping much higher rates on imports from some countries, including 50pc for goods from Brazil, 39pc from Switzerland, 35pc from Canada and 25pc from India.
Trump's top trade negotiator, Jamieson Greer, said the U.S. was working to reverse decades of policies that had weakened U.S. manufacturing capacity and workforce, and that many other countries shared concerns about macroeconomic imbalances.
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