Photo by Tyler Casey via Unsplash
Tomorrow, August 1, several tariffs proposed by President Donald Trump will go into effect. The date marks the final deadline Trump set for various countries to submit new trade agreements to avoid the tariff increases the United States will begin implementing as part of its international economic agenda.
The Legality of Trump's Tariffs
The imposition of these tariffs, which represent a drastic increase compared to the average established before Donald Trump's inauguration, has generated criticism and concern over their potential negative impact on international trade, as well as the potential increase in prices for general consumers. However, the president's aggressive negotiations appear to have borne fruit, as several countries have been willing to adjust their trade agreements to continue exchanging goods and services with the United States.
The federal authority the president claims to implement these tariffs is being discussed by judges in Washington DC right now. A decision against the president has the potential to delay the implementation of these tariffs. With this in mind, this article presents a summary of the trade agreements and tariffs that, as of this writing, are scheduled to begin on August 1.
North America
Mexico and Canada, despite historically being very close to the United States, have faced a drastic redefinition of this relationship. Currently, the countries face tariffs of 25% on various goods and services. Trump has indicated that fentanyl trafficking across both US borders is the primary reason for this economic aggression.
For now, tariffs on Mexico will increase to 30%, and tariffs on Canada will increase to 35%. Several exceptions apply to both countries.
Central America
The president has not announced several new trade agreements with Central American countries, except for the 25% tariffs he imposed on the Dominican Republic in April.
South America
In South America, Trump's focus has been Brazil. Trump has expressed disagreement with the Brazilian government's handling of allegations against its former president, Jair Bolsonaro, who was a close ally of Donald Trump. Thus, Brazil currently has tariffs of 10%, which will increase to 50% tomorrow. Trump will also apply tariffs of 15% to Venezuela.
Europe
Europe represents one of the most effective victories of the American presidency. On his visit to Scotland Earlier this week, Trump successfully reached a trade agreement with the European Union that will impose tariffs of 15% on most goods and services from Europe. The trade agreement also includes billions of dollars in European investment for the development of various industries in the United States.
In the case of the United Kingdom, the country will be subject to tariffs of 10% on several goods.
Africa
The Trump administration will apply several tariffs to different African countries. South Africa will receive tariffs of 30%. Tunisia will receive tariffs of 25%. Algeria and Tunisia will also receive tariffs of 30%.
Most of these tariffs are reciprocal, and as President Trump has indicated, the affected countries still have the option to renegotiate them.
Asia
Several Asian countries will receive new tariffs, starting tomorrow. Japan will receive tariffs of 15%. Additionally, the Philippines and Indonesia will receive tariffs of 19%. Vietnam will receive tariffs of 20%.
Malaysia, Kazakhstan, South Korea and Brunei will receive tariffs of 25%.
Sri Lanka and Iraq will face tariffs of up to 30%. Bangladesh will face tariffs of up to 35%.
Cambodia and Thailand will receive tariffs of up to 36%.
Finally, Myanmar and Laos will receive tariffs of up to 40%.
Trump's Tariffs: The Future
It's worth noting that these numbers can change very quickly. President Trump has urged the listed countries to negotiate with the United States to reach different agreements. However, Trump told most of these countries they had an August 1 deadline to negotiate, and that date has arrived.
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