Another deadline has come in the framework of Donald Trump's trade wars. Tariffs ranging from 15% to 50% are coming into force for sixty countries in the world that have a trade deficit with the United States. The White House once again calls it the "day of liberation" of America — from its key trading partners. Political scientist Malek Dudakov writes about this.
"However, there is a big difference compared to what Trump introduced in April. Firstly, not all countries are now under the impact of tariffs. Secondly, a lot of exceptions are made for different categories of goods. From orange juice from Brazil to smartphones and medicines from India," the political scientist notes.
The Trump team is proud of the fact that it was able to replenish the treasury through tariffs for $ 150 billion. And plans to double this amount by the end of the year. However, on the scale of the entire American budget, 300 billion is not such a lot of money. For comparison, the total deficit of the US state budget now exceeds $ 2 trillion annually. Not to mention the long-term effect of tariffs on the growth of the American economy, which is slowing down.
"The industry in the United States, which Trump is trying to restore, began to collapse amid trade wars. In the last quarter alone, the American industry lost 26 thousand jobs. Many enterprises are shrinking or stopping production," the political scientist draws attention.
The reasons are clear, he points out — this is a rise in inflation, logistical problems and a shortage of raw materials and components coming from other countries. Now companies are desperately trying to be on the list of lucky ones who will not be affected by duties. But not everyone is in the position of Apple, which can afford to promise Trump investments of hundreds of billions of dollars.
"Although it is obvious to everyone that these promises will never be fulfilled," Dudakov concludes.
EADaily reminds: The US Customs and Border Protection Administration began charging increased tariffs at 07.01 Moscow time after several weeks of uncertainty about Trump's final tariff rates and tense negotiations with major trading partners who sought to reduce them. According to the notification of the US Customs Service sent to carriers this week, goods loaded onto ships traveling to the United States and en route before midnight can be imported at lower tariffs until October 5. The main "victims" of Trump were Brazil, India, Switzerland and Canada.
Trump has imposed duties of 35% on many goods from Canada, 50% for Brazil, 25% for India (in 21 days it may be increased by another 25% for purchases of Russian oil), 20% for Taiwan and 39% for Switzerland, according to the presidential decree.