« Many countries will probably end up in recession »
The US customs duties for all imports exploded at 22%, from only 2.5% in 2024, following the new global taxes imposed by US President Donald Trump, OLU Sonola announced on Wednesday, research director of the US Economy Agency Fitch Ratings, reports Reuters.
« That rate was the last seen around 1910, » said Olu Sonola after Trump’s announcement on imposing a 10%global basic tax, but with higher rates for many US commercial partners.
Trump has confirmed that from midnight will enter into effect the 25% customs duties for all cars that are manufactured outside the US.
« This will truly change the rules of the game, not only for the US economy, but also for the world economy. Many countries will probably end up in recession. We can give up most forecasts, if this level of customs taxes remains in force for an extended period of time, » the Fitch official warned.
The US president announced a 20% customs duties for imported products from the European Union, 34% for China, 31% for Switzerland, 26% for India, 10% for the United Kingdom, 10% for Brazil.
Donald Trump insisted that any product entering the US will be charged with at least 10%.
