President Trump’s tariff policies have taken numerous twists and turns this year.
His latest last-minute executive order: a 90-day extension for the U.S. and China to continue trade talks. If a deal isn’t reached by Nov. 9, tariffs on China could soar from the current 30% imposed this year.
The move follows a similar extension Trump granted to Mexico, which faces a 25% tariff currently. If the countries don’t reach an agreement by late October, however, Trump has threatened a hike to 30%.
For many nations, higher tariffs went into effect on Aug. 7 or earlier. That includes several large trading partners that struck deals with the U.S., including South Korea, the European Union and Japan. The three agreed to a 15% tariff on their exports.
India not only hasn’t yet struck a deal but landed in Trump’s crosshairs for buying Russian oil. It is set to face 50% tariffs later this month, up from 25% currently.
Below is a roundup of where tariffs stand for major countries and sectors:
Trump’s July 31 executive order set higher tariffs for about 70 trading partners starting Aug. 7.
Revenue from duties on U.S. imports jumped in recent months after Trump imposed new tariffs. American companies have borne much of the cost so far, although some of them are planning to pass costs to consumers through increased prices.
Comments