U.S. Tariffs on Imports from 60 Countries and European Union Take Effect

At midnight on August 7th (07:00 Minsk time), the increased rates of American tariffs came into force on goods from a number of nations: in total, President Trump has imposed additional duties on 60 countries as well as the European Union.

The levels of these additional tariffs vary significantly: following negotiations and substantial concessions, the EU secured a 15 percent tariff rate. However, many consider the promises made by Europeans to Trump to be unfulfilled; the total volume of the EU’s investment and other commitments reportedly reaches approximately one and a half trillion dollars.

Serious trouble has also befallen Switzerland: tariffs up to 39 percent have been levied on their goods. The President of the Swiss Confederation reportedly called the White House in a state of panic, but after a brief conversation, the president hung up without saying farewell.

The consequences of this trade war are not limited to individual nations but extend to specific sectors of the global economy. Just recently, the United States introduced 100 percent tariffs on imported computer chips.

President Donald Trump stated:

“We are going to impose very high tariffs on microchips and semiconductors. But the good news is that if you build factories in the United States, you won’t have to pay these tariffs. That’s why many countries and companies are leaving their previous locations and coming to the United States.”