Washington - Saba:
US President Donald Trump ordered the reimposition of tariffs on dozens of trading partners on Thursday evening, a move he described as a cornerstone of his strategy to reshape global trade to benefit the US economy.
The White House announced that the measures would begin implementation in a week, rather than Friday as previously expected, which was seen as a short reprieve.
Trump said these tariffs represent a show of economic strength aimed at boosting US exports and encouraging domestic manufacturing by limiting the flow of foreign imports.
The new measures stipulated in the executive order include raising tariffs on dozens of economies to 41 percent. This comes after Trump announced in April that he would impose a minimum 10 percent tariff on goods from most countries around the world, citing unfair trade practices and the US trade deficit.
The White House issued a statement containing a detailed list of more than 80 countries, including European countries and Arab states such as Syria, Tunisia, and Iraq, as well as regional countries such as Turkey and Israel.
In addition to announcing these tariffs, Washington concluded agreements with several partners, including Vietnam, Japan, Indonesia, the Philippines, South Korea, and the European Union. Britain also reached an agreement, although it was not targeted by the higher "equivalent" tariffs.
Trump also announced on Thursday a 90-day delay to raising tariffs on products from Mexico, following talks with his counterpart, Claudia Sheinbaum. Canada imposed a 35 percent tariff, excluding goods imported under the North American Trade Agreement. However, goods reshipped to circumvent the tariffs will be subject to higher rates.
As for China, it was temporarily exempted from the new tariffs, but it has until August 12, when the tariffs could return to higher levels. Washington and Beijing had already doubled tariffs before reaching an interim agreement in May to partially reduce them.