#UStoImpose10To12.5PercentTariffsOn60Economies

US Implements New 10%-12.5% Tariffs on 60 Economies - The Impact on Global Trade Starts Now

U.S. Trade Representative (USTR) announced a new set of import duties which will impose a 10% to 12.5% duty on 60 economies under the Section 301 of the Trade Act of 1974. The new tariffs will substitute the prior worldwide 10% imports tariff which took effect this morning at 12:01 a.m. Eastern time on July 24. The tariffs have entered into effect impacting more than 99 percent of U.S. Trade. Major economies, such as European Union, Japan, Switzerland, and South Korea, are to expect tariffs of anywhere between 10 percent to 12.5 percent, although Canada, Mexico, India, and the United Kingdom are set to be affected by a 10% duty and China will feel 12.5%. However, the tariffs will not apply to products falling into a list of categories including fuel, food, and fertilizer as well as some previously tariffized items such as automobiles, metals and pharmaceuticals. Imports originating from USMCA partner economies will not be subjected to the new tariffs. The announcement follows recent news of concerns about global supply chains, manufacturing costs and international business relationships with increases in import costs having an impact on company prices, investors and expectations on overall growth as we look at inflation trends. What will the financial market have to expect, since traders are looking at the next moves to come from counterpart nations. We also consider whether these businesses will modify their supply chain as well as how central banks will adapt to the new outlook considering these conditions? Let’s find out!

The trade tension rise, Will this act boost the United States economy, or increase global pressures? What are your thought?

#TradeWar #GlobalEconomy #MarketUpdate