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Trump tariffs hit trading partners

Import duties spark definace, concern

By: David Lawder
and Andrea Shalal
Reuters.

..... President Donald Trump's higher tariffs on imports from dozens of countries kicked in on August 7, [2025] rising the average U.S. import duty to its highest in a century and leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal.
..... The U.S. Customs and Border Protection agency began collecting the higher tariffs of 10% to 50% at 12:91 AM. ET after weeks of suspense over Trump;s final tariff rates and frantic negotiations with counties seeking to lower them.
..... The leaders of Brazil and India vowed not to be cowed by Trump's hard-line bargaining position, even while their negotiators sought a reprieve from the highest tariff levels. The new rates will test Trump's strategy for shrinking U.S. trade deficits without causing massive disruptions to global supply chains or provoking higher inflation and stiff retaliation from trading partners.

'Billions' promised from tariff revenue

..... After unveiling tariffs in April, [2025] Trump has frequently modified his plans, slapping much higher rates on imports from some countries, including 50% for good from Brazil, 39% from Switzerland, 35% from Canada and 25% from India. He announce on August 6 [2025] a separate 25% tariff on Indian goods, to be imposed in 21 days, over India's purchases of Russian oil.
..... 'BILLION OF DOLLARS LARGELY FROM COUNTIRES THAT AHVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS , LAUGHING ALL TEH WAY, WILL START FLOIWING INTO THE USA," Trump said on truth Social just ahead of the tariff deadline.
..... Tariffs are ultimately paid by companies importing the goods, and passed on in full or in part to consumers. Trump's top trade negotiator, Jamison Greer, said the United State was working to reverse decades of policies that had weakens U.S. manufacturing capacity and workforce, and that many other counties shared concert's about macroeconomic imbalances.
..... "The rules of international trade cannot be a suicide pact," he wrote in a column published by The New York Times.
..... "By imposing tariffs to rebalanced the trade deficit and negotiating significant reforms that from the basis of a new international system, the United States has shown bold leadership," Greer said.
..... Eight major trading partners accounting for about 40% of U.S. trade flows have reached framework deals for trade and investment concessions to Trump, including the European Union, Japan and South Korea, reducing their base tariff rate to 15%. Britain won a 10% rate, while Vietnam, Indonesia, Pakistan and the Philippines secured rate reductions to 19% or 20%.
...... "There'll be some supply chain rearr4angement. There'll be a new equilibrium. Prices here will go up, but it'll take a while for that to show up in a major way," said William Reinsch, a senior fellow and trade expert at the Center for Strategic and International Studies in Washington.
..... Countries with punishingly high duties, such as India and Canada, "will continue to scramble around trying to fit this," he added. Switzerland's government was to hold an emergency meeting on August 7 [2025] after President Karin Keller-Sutter returned home empty-handed form an 11th-hour trip to Washington aimed at averting the crippling U.S. import tariffs on Swiss goods. A last-minute attempt by South Africa to improve its offer in exchange for a lower tariff rate also failed.
..... The two countries' trade negotiating teams will have more talks,south Africa President Cyril Ramaphosa's office said.
..... Vietnam said on August 7 [2025] it will continue seeking to lower tariffs further after negotiating a reduction to 25% form the 46% duty Trump slapped on the Southeast Asian country in April. [2025]
..... Meanwhile, Brazil's President Luiz Inacio Lula da Silva told Reuters on August 6 [2025] he wouldn't humiliate himself seeking a phone call with Trump ever as he said his government would continue Cabinet-level talks to lower a 50% tariff rate.
..... Indian Prime Minister Narendra Modi was similarly defiant, saying he would not compromise the interests of the country's farmers.
..... There were also signs that some countries were rallying together to confront Trump with Brazil's Lula saying he would call the leaders of India and China to discuss a joint BRICS response to tariffs.
..... India said on August 6 [2025] that Modi will visit China for the first time in seven years.

Revenues, prices hikes

..... U.S. import taxes are one part of a multileveled tariff strategy that includes national security-based sectoral tariffs on semiconductors. pharmaceuticals, autos, steel, aluminum, copper, lumber and other goods.
..... Trump said August 6 [2025] the microchip duties could reach 100%.
..... China is on a separate tariff track and will face a potential tariff increase on August 12 [2025] unless Trump approves an extension of a prior truce.
..... He has said he may impose additional tariffs over China's purchases of Russian oil as he seeks to pressure Moscow into ending its ware in Ukraine.
..... Trump has touted a vast increase in federal revenues from his import tax collections, with U.S. Commerce Secretary Howard Lutnick saying on Fox Business Network on August 7 [2025] that he expected revenue form tariffs to reach $50 billion a month.
..... The move will drive average U.S. tariff rates to around 20%, the highest in a century and up form 2.5% when Trump took office in January, [2025] the Atlantic Institute estimates.
..... Commerce department data released last week [08/01/2025] show more evidence that tariffs were driving up U.S. prices, including for recreational goods and motor vehicles, while costs are mounting for companies, including bellwethers Caterpillar, Marriott, Molson Coors and Yum Brands.
..... Toyota August 7 [2025] said it excepted a hit of nearly $10 billion from tariff on cars imported into the U.S. as it cut its full-year profit forecast by 165.
..... But other Japanese companies such as Sony and Honda said they now expected a smaller impact on profits after japan agreed a bilateral deal with Washington to lower tariffs.

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