US President Donald Trump’s new tariffs took full effect at midnight Wednesday, news agency AP reported.
The tariffs, first announced on April 2, impose a minimum 10% tax on nearly all of America’s trading partners, with higher rates for countries running trade surpluses with the US.
The 10% baseline tariff was implemented Saturday, while the higher rates kicked in at midnight. These increased tariffs can reach as high as 50%, affecting smaller economies with limited trade relations with the US, such as the African kingdom of Lesotho. Other countries face significant tariffs — including 47% on imports from Madagascar, 46% on Vietnam, 32% on Taiwan, 25% on South Korea, 24% on Japan, and 20% on the European Union.
Some of these new tariffs build on previous trade measures. Trump last week announced a tariff of 34% on China, for example, which would come on top of 20% levies he imposed on the country earlier this year.
Trump has also threatened to add an additional 50% levy on Chinese goods in response to Beijing’s retaliation, potentially bringing the total tariff on Chinese imports to 104%.
