Key Takeaways
- “IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!,” Trump wrote on Truth Social.
- On Wednesday during a meeting with Apple’s Tim Cook, Trump vowed 100% tariffs on computer chips.
President Donald Trump’s so-called “reciprocal” tariffs officially came into effect on Thursday, potentially upending the global economy and bringing higher prices.
The tariffs came into effect shortly after the stroke of midnight Thursday, which
economists say will more than likely get passed on to American consumers — resulting in higher prices.
“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!” Trump wrote on Truth Social.
Earlier Wednesday evening, Trump posted the tariffs were on “COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS.”
India’s stock fell sharply on Thursday, motivated by the news of the 50% tariff that Trump announced a day earlier. Indian Prime Minister Narendra Modi reinforced the stance against any trade deal that hurts the country’s farming, dairy and fishing sectors.
“I know personally I will have to pay a heavy price for it,” he said. “I am ready for that.”
Tariffs between 10% and 41% were applied to nearly 70 countries beginning at 12:01 a.m. Thursday.
Canada faces a 35% tariff, while Brazil receives a 40% tariff. Laos and Myanmar at 40% and Syria at 41% are the two highest tariffs.
India was hit with a 25% tariff but that is expected to climb to 50% on Aug. 27 as punishment for India’s decision to continue purchasing Russian oil amid the Russia-Ukraine war.
Trump previously sent letters to leaders of two dozen countries outlining the tariff levels that would take effect if no deal were struck. The White House later said there was an agreement with trade agreements with the United Kingdom, Vietnam and Indonesia.
