Trump signed a decree on trade duties for more than 60 countries. What the media is writing
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- Trump signed a decree on trade duties for more than 60 countries. What the media is writing
US President Donald Trump has signed a decree imposing trade duties on more than 60 countries around the world. Duties of up to 41% will be effective from August 7. At the same time, for Canada, fees on imported goods in the amount of 35% will take effect immediately. Against this background, it became known about the decline in industrial production in Asia. What the media write about Trump's tariffs is in the Izvestia digest.
Politico: Trump has imposed global tariffs since August 7
Trump signed executive orders imposing duties ranging from 10% to 41% on goods shipped to the United States from more than 67 countries, raising the average tariff level to the highest in more than a century. The new duties will take effect only on August 7, which will give the countries some more time to try to negotiate their reduction.
Politico
According to the text of the first decree, the Trump administration maintains a 10% so-called base tariff for countries with which the United States has a trade surplus <...>. At the same time, the 15% rate is officially introduced, which Trump agreed to set as part of negotiations with leading trading partners such as the European Union, Japan and South Korea. The Philippines, Vietnam and Indonesia have also reached preliminary agreements with the administration setting tariffs at 19-20%.
In other countries, mostly with smaller economies, the rates are much higher. For Syria, they reach 41%, and Myanmar — 40%. Laos also faces a 40% tariff, while Iraq faces a 35% duty. Larger trading partners such as Switzerland will also face significant tariff increases of up to 39%.
BBC News: Trump imposes immediate tariffs on Canada
Trump raised tariffs to 35% for Canada, one of Washington's key economic partners. According to him, Canada "failed to cooperate" in stopping the flow of fentanyl and other drugs across the border with the United States. However, according to the Royal Bank of Canada, most goods will not be subject to the high rate due to the existing trade agreement between the United States, Mexico and Canada.
BBC News
Almost 90% of Canadian goods imported into the United States are exempt from tax under the free trade agreement, including fresh produce, energy exports, and many manufactured goods. Some imported goods, such as dairy products, wood, and leather, may still be subject to duties, depending on how the negotiations shape up. The decision outlined in the decree increases the rate from 25% and came into force on Friday.
Senior White House officials said their Canadian counterparts were less constructive in the negotiations than Mexico, which avoided tariff increases for 90 days. Goods loaded onto ships before August 7 and those already in transit will not be subject to the rates if they arrive in the United States before October 5.
Associated Press: Questions remain about Trump's tariffs
Trump promised that raising tariffs on about $3 trillion worth of goods imported into the United States would lead to new wealth, create many new factory jobs, reduce budget deficits, and force other countries to treat America with more respect. At the same time, the White House denies information that the duties will endanger the global credibility of the United States, create inflationary pressure and slow down economic growth.
Associated Press
As the deadline set by Trump approached, little seemed to have been resolved, other than the president's firm intention to introduce taxes, which he had been talking about for decades. The very legality of the duties remains in question, as the U.S. Court of Appeals heard arguments on Thursday about whether Trump exceeded his authority by declaring a "state of emergency" under the 1977 law to impose duties, which allowed him to avoid having to seek congressional approval.
Federal judges were skeptical about Trump's use of the 1977 law to declare the long-standing U.S. trade deficit a national emergency justifying the imposition of tariffs. The judges did not make an immediate decision, and the case is expected to eventually reach the Supreme Court. Meanwhile, the White House pointed to rising federal revenues as a sign that tariffs would reduce the budget deficit.
Bloomberg: markets are falling amid the introduction of tariffs
The global stock sell-off is now in its sixth day, which is the longest streak of losses since September 2023. The MSCI All Country World index dropped 0.3%. The European Stoxx 600 index fell by 1%, reaching a monthly low. Shares of pharmaceutical companies, including Novo Nordisk A/S, Sanofi SA, GSK Plc and AstraZeneca Plc, led the decline after Trump demanded pharmaceutical companies lower prices for their products in the United States.
Bloomberg
Futures for the S&P 500 and Nasdaq 100 indexes fell by about 0.5%, so even two days of solid reports from large-cap technology companies could not lift the mood. <...> Growing fears that tariffs could negatively affect economic growth and fuel inflation are beginning to overshadow the optimism based on artificial intelligence that supported the shares of high-cap technology companies.
The average rate of customs duties in the United States will rise to 15.2% if the rates are introduced in accordance with the announced plans. This is higher than 13.3% previously, and significantly higher than 2.3% in 2024 before Trump took office. The dollar was virtually unchanged after its first monthly gain since January, the Swiss franc declined slightly, and U.S. Treasury bonds remained stable.
Reuters: Manufacturing activity decreased in Asia
Manufacturing activity in Asia declined in July as weak global demand and continued uncertainty over U.S. tariffs weighed on business sentiment, clouding prospects for a fragile recovery in the region, according to published private sector surveys. The surveys were conducted before Japan and South Korea concluded trade agreements with Washington, which gives some hope that a reduction in uncertainty could support manufacturing activity in the coming months.
Reuters
Manufacturing activity in China worsened in July, as a slowdown in business activity forced manufacturers to reduce production, which does not bode well for the region's economy. The S&P Global manufacturing PMI fell to 49.5 in July from 50.4 in June, missing analysts' expectations and falling below the 50-point threshold that separates growth from decline.
Japan's manufacturing PMI also dropped to 48.9 in July from 50.1 in June, a sign that U.S. tariffs are hurting the world's fourth-largest economy. South Korea saw a decline in manufacturing activity in July for the sixth month in a row, with the index falling to 48.0 in July from 48.7 in June.
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