Washington: As of August 1, a range of new tariffs will be imposed on most of Washington's trading partners, with some tariffs being notably heavy and sector-specific, such as a 50 percent tariff on products made with copper. While South Korea has ultimately avoided the highest rates, countries such as Brazil and India now face significant new duties.
According to Bangladesh Sangbad Sangstha, Trump announced that Washington had reached a trade agreement with South Korea, under which a 15 percent tariff will apply to South Korean goods entering the United States. Seoul has committed to investing $350 billion in the United States and purchasing "$100 billion worth" of liquefied natural gas (LNG) or other energy sources. The 15 percent rate is significantly below a 25 percent levy that Trump had threatened earlier and is equivalent to levies determined from US trade deals with Japan and the European Union. Tariffs on automobiles, one of Seoul's key export items, will also stay at 15 percent.
Trump warned of trade consequences for Canada after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September. The American president previously said he would increase tariffs to 35 percent on Canadian goods if no deal was reached by August 1. Trump expressed his dissatisfaction on his Truth Social platform, indicating that Canada's stance on Palestine would complicate trade negotiations.
In a move with openly political undertones, Trump imposed sweeping 50-percent tariffs on Brazil and sanctioned the judge overseeing the trial of his far-right ally Jair Bolsonaro. The tariffs marked Trump's follow-through on threats to use American economic power to punish Brazil for what he has labeled a "witch hunt" against the former president.
India faces a 25 percent tariff on imports, with Trump also announcing an unspecified "penalty" over New Delhi's purchases of Russian weapons and energy. Trump criticized India's trade practices on his Truth Social platform, stating that India's tariffs are among the highest globally. The new measures will add to existing tariff hikes set to take effect on Friday.
The European Union will see tariffs of 15 percent on most products, a rate higher than before Trump's return to the White House but lower than his previously threatened 30 percent. European Commission President Ursula von der Leyen noted that some agricultural products would be exempt, though specifics remain unclear. French President Emmanuel Macron emphasized the need for the EU to be "feared" in negotiations, pledging to be firm in future talks.