The land -specific special rates announced by US President Donald Trump are in force. Since Midnight American Times (6:01 am CEST), countless countries have applied considerably higher taxes – especially for those with whom the United States have a particularly high trade deficit according to government information. 20 percent apply to the entire European Union. China is particularly difficult with a total of 104 percent special rates.
A customs were set for each affected country, which should map other trade barriers in addition to classic import duties. From this the corresponding American customs is derived from imports from these countries. However, economists doubt the calculation basis for the country list and criticize that they are based on sometimes incorrect assumptions.
Trump celebrates “Day of Liberation”
The first step in the package of measures was already in force on Saturday: fixed rate entry rights from ten percent to goods from all countries. Trump previously presented the plans during an event in the Rosengarten of the White House – under the title “Day of Liberation”. After the American progress, different countries announced countermeasures. Others rely on negotiations.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
