Higher US Customs Tariffs / Day comes into effect
Import from the EU is set at a 20% tariff, while China has a 104% tariff, and the new tolls came into force on Wednesday at 7.01 Latvian time.
This is another step in the military trade policy of US President Donald Trump, which has raised fears that the global economy could begin a downturn.
It has already been reported that 10% of the US import tariffs for imports from all abroad came into force on April 5.
The EU has announced that it would take countermeasures, although he has also expressed its readiness for negotiations with the US. Many countries around the world have announced countermeasures.
China, the main economic rival of Washington, has suffered the hardest in the new tariffs, but also an important trading partner, whose products have been suitable for the return of Trump to the White House, which is currently up to 104%.
Initially, he came up with 34% additional tariffs for Chinese goods.
However, after China responded with its tariff to the same amount of American goods, Trump set an additional 50% additional fee.
Given the fees set in February and March, the cumulative increase in tariffs for Chinese goods at the second Presidency of Trump reaches 104%.
Beijing has not shown any signs of concession, promising to fight the trade war to the end and promising countermeasures to defend its interests.
Chinese response tariffs at 34% for US goods will come into effect on Thursday.
Trump believes his policy will restore the lost production base, forcing companies to move to the US.
However, many business experts and economists question how fast – if at all – this can happen, and warns about inflation, as tariffs will increase prices.
Trump said Tuesday that the US is taking nearly two billion US dollars every day.
On Tuesday night, Trump also announced that the US would soon announce the application of high tariffs to pharmaceutical products.
Separate Canada announced that its tariffs for certain US imported cars would come into effect on Wednesday.
