US President Donald Trump imposed broad new tariffs on all imports on Thursday, imposing additional levies ranging from 10 % to 50 %, depending on trade imbalances.
The policies adopted under the 1977 Global Emergency Economic Powers Act are intended to combat trade deficits and promote local production. Trump defends the action as necessary to safeguard British companies, but detractors warn of a potential trade war and economic unrest.
Read more about Trump’s “discounted” tax: Is the American economy adequately protected?
Countries with the highest taxes
The most severe taxes have been applied to governments that have important trade surpluses with the US. Among the hardest-hit nations are:
- Lesotho – 50 %
- Cambodia – 49 %
- Laos – 48 %
- Madagascar – 47 %
- Vietnam – 46 %
- Sri Lanka and Myanmar ( Burma ) each have a 44 % share of the total.
- Serbia, Botswana, and Bangladesh each had a 37 % share.
Many of these nations export a lot of clothing, technology, and fabric to the US, including Vietnam, Bangladesh, and Sri Lanka. The levies are anticipated to destroy their business, causing American consumers ‘ rate increases, and disrupting global supply chains.
Countries with the lowest taxes
Some countries have been spared from the heaviest charges, only having to pay the introductory 10 % price. These include:
- United Kingdom
- Australia
- Brazil
- Chile, Turkey, Argentina, Ecuador, Peru, New Zealand, and the United Arab Emirates
- Canada and Mexico ( exempt from new tariffs but still subject to the same levies on cars, aluminum, and steel )
The Trump administration believes these nations are seen by these places as fairer investing partners because of the relatively low taxes. Organizations in these countries continue to be concerned about the wider ramifications of rising trade tensions.
Read more about” Going to fight”: How world leaders responded to Trump’s tax walk.
Financial influence and international response
Global markets have been stung by the statement of the taxes, with S&, P 500 future falling by nearly 2 %, and Asian and European share indices falling in similar ways. According to experts, these actions could cause global business to enter its most protectionist phase since the Great Depression as affected countries prepare to take punitive methods.
According to critics, taxes, which impose import taxes, may increase costs for Americans ‘ consumers and businesses. Some economists forecast a 1 % downturn in the US market in the second quarter as a result of rising prices and deteriorated supply chains, while others predict inflationary pressures.
Places like Israel and Vietnam have lowered their personal import taxes to prevent additional punitive measures in response. While, according to reports, the European Union is considering enforcing sanctions on US-based technology companies as a retaliatory measure.
Firms and governments around the world are on high alert for further developments as Trump continues to push his” America First” trade mission.
Complete list of nations and the amount of Trump’s mutual price:
( Lowest to highest tarrifs )
| Country | US Reciprocal Tariffs ( % ) |
|---|---|
| United Kingdom | 10% |
| Brazil | 10% |
| Singapore | 10% |
| Chile | 10% |
| Australia | 10% |
| Turkey | 10% |
| Colombia | 10% |
| Peru | 10% |
| Costa Rica | 10% |
| Dominican Republic | 10% |
| United Arab Emirates | 10% |
| New Zealand | 10% |
| Argentina | 10% |
| Ecuador | 10% |
| Guatemala | 10% |
| Honduras | 10% |
| Egypt | 10% |
| Saudi Arabia | 10% |
| El Salvador | 10% |
| Morocco | 10% |
| Oman | 10% |
| Uruguay | 10% |
| Bahamas | 10% |
| Ukraine | 10% |
| Bahrain | 10% |
| Qatar | 10% |
| Iceland | 10% |
| Kenya | 10% |
| Ethiopia | 10% |
| Ghana | 10% |
| Nigeria | 14% |
| Venezuela | 15% |
| Norway | 15% |
| Israel | 17% |
| Philippines | 17% |
| Nicaragua | 18% |
| Jordan | 20% |
| European Union | 20% |
| Côted’Ivoire | 21% |
| Namibia | 21% |
| Japan | 24% |
| Malaysia | 24% |
| South Korea | 25% |
| India | 26% |
| Kazakhstan | 27% |
| Tunisia | 28% |
| Pakistan | 29% |
| South Africa | 30% |
| Algeria | 30% |
| Switzerland | 31% |
| Taiwan | 32% |
| Indonesia | 32% |
| Fiji | 32% |
| North Macedonia | 33% |
| China | 34% |
| Bosnia and Herzegovina | 35% |
| Thailand | 36% |
| Bangladesh | 37% |
| Serbia | 37% |
| Botswana | 37% |
| Liechtenstein | 37% |
| Guyana | 38% |
| Mauritius | 40% |
| Sri Lanka | 44% |
| Myanmar ( Burma ) | 44% |
| Madagascar | 47% |
| Laos | 48% |
| Cambodia | 49% |
| Lesotho | 50% |
