WASHINGTON: The deadline for higher US tariffs approaches as President Donald Trump expands his trade offensive, targeting more economies while offering limited reprieves through last-minute negotiations.
With the August 1 deadline looming, Trump confirmed no further extensions, calling it “a big day for America” in a Truth Social post.
New measures include a 25 percent duty on Indian goods after failed talks, citing Delhi’s ties with Russia.
Brazil faces a delayed 50 percent tariff starting August 6, though key exports like orange juice and aircraft are exempt.
A separate 50 percent levy on select copper products takes effect Friday, though narrower than initially proposed.
Deals with South Korea, the EU, and others have softened the blow, with Seoul securing a 15 percent rate instead of the threatened 25 percent.
Economists warn the tariffs could inflate consumer prices as businesses pass on costs.
Yale University’s Budget Lab notes US tariffs are already at 1930s levels, risking economic strain.
While existing inventories have muted price hikes so far, analysts caution steeper impacts may follow.
Trump insists the moves bolster national security and revenue, but critics argue they disrupt global trade stability. - AFP
