The president of the United States, Donald Trump, raised a variable height against the world on Wednesday, declaring a large -scale commercial war that threatens to cause a global economic crisis. Trump has decided to combine for the vast majority of its main commercial partners. The improperly called “reciprocal tariffs” reach up to 50% in some cases and that level is exceeded by China, which is added a new 34% to 20% that imports from that country already suffered.
What tariffs has Trump announced?
The president of the United States has signed a decree in which tariffs are imposed on alleged response to the commercial and non -commercial obstacles of those countries to US products. The methodology is arbitrary and has as one of its axes the commercial deficit of the United States with the different countries. New import taxes will apply to all goods. Trump holds without foundation that has imposed on those countries some tariffs that are half of those that they put to the assets that import from the United States.
What are the highest tariffs?
They correspond to Lesoto (50%), San Pedro and Miquelón (50%), Cambodia (49%), Laos (48%), Madagascar (47%), Vietnam (46%), Sri Lanka (44%), Myanmar (44%), Syria (41%), Falkland Islands (41%) and Mauricio (40%). However, 34% is applied to China that adds to 20% that has already been imposed by the national emergency for fentanyl, so that its exports will be taxed with 54%, not counting other tariffs imposed in the past by Donald Trump and Joe Biden.
What countries are exempt?
In countries on which there are already vetoes, penalties and exclusions that prevent a significant trade with them. Even so, in US official statistics are just over 3,000 million dollars in imports from Russia in 2024. Nor do it appear among countries subject to “reciprocal tariffs” Canada and Mexico, where appropriate because they continue subject to the national emergency related to fentanil and migration, so that the new regime is not applied. Most countries have 10%tariffs.
What tariffs will suffer the EU and the main business partners?
China, the European Union, Mexico, Vietnam, Taiwan, Japan, South Korea, Canada, India, Thailand, Switzerland and Malaysia are the countries or blocks with which the United States has a higher commercial deficit and tariffs for the main commercial partners, excluded Canada and Mexico, are: European Union (20%); China (34%+20%); Japan (24%); Vietnam (46%); Taiwan (32%); India (26%); South Korea (25%); Thailand (36%); Switzerland (31%); Indonesia (32%); Brazil and the United Kingdom (10%).
When do they enter into force?
The White House spokeswoman but the facts have left her again. The universal minimum tariffs of 10% while those that Trump calls reciprocal tariffs also enter into force, the president of the United States has decided that he left without paying the shipments of up to 800 dollars, in this case as of May 2. Small shipments from other countries remain exempt until the customs service has means to process them.
Do they apply to all products?
Aluminum, aluminum and cars that are already subject to taxes of 25% are not applied to the new “reciprocal” tariffs. Copper, pharmaceutical products, semiconductors and wood products will also be exempt, as well as critical minerals and energy, waiting for their own sector tariffs. At the moment, there is no reference to specific levies for agricultural products, which will be subject to new tariffs like the rest of the products.
What other tariffs are applying?
In early February, imported to the United States. Then the smaller shipments were exempted. A month later, the tax doubled, up to 20%. At the beginning of March a 25% general lien entered into force on most imports from Canada and Mexico. Two days later to the products covered by the TMEC. On March 12 they entered into force on March 26, one was announced to taxes assembled vehicles since April 3 and the main components and pieces, since May 3.
What other tariffs have Trump threatened?
Trump has mentioned semiconductors, pharmaceutical products, food, copper, wood (and even on one occasion oil) such as other goods that could face new import taxes. The president has also authorized Marco Rubio to impose 25% tariffs on countries that buy oil to Venezuela.
What are tariffs and what goal do they have?
Tariffs are taxes that apply to imported products. Like all taxes, they are a source of income for the government. Countries use them above all to support local industries, more expensive foreign products. Trump is also using them as a lever to achieve foreign policy objectives. He imposed tariffs on Mexico, Canada and China related to drug trafficking and immigration; He threatened Colombia with them to admit flights with deported immigrants and has also threatened to tax imports from countries that buy oil to Venezuela.
How do tariffs are collected and applied?
The Treasury Secretary is responsible for establishing regulations on tariff collection, but the Border Customs and Protection Office (CBP) is the government agency responsible for enforcing them almost throughout the country, which include border crossings by road or rail, as well as maritime ports and airports. The agents review the documentation, carry out audits and collect taxes and sanctions. The money is collected at the time of the Customs Office and deposited in the General Fund of the Treasury Department. Those who do not correctly describe the amount, category or origin of a certain product, either on purpose or negligence, face sanctions.
Some goods and components cross the borders several times before becoming a finished product, such as a car with pieces made in the United States assembled in Mexico and reimbuled to the US. UU. According to the CBP standards, the products manufactured in the United States that are being “improved” or “increased” their value are free of taxes. An example that Bloomberg puts in the opposite direction: if the United States exports to India, where it is used to make pending, the final product will be subject to tariffs when it returns to the United States, including the value of gold.
How much money do tariffs generate?
Although tariffs used to be in the 19th century the main source of income of the United States government, during much of the last century they have represented a small part of them. According to an analysis of government data, last year they represented federal income. One of Trump’s advisors in commercial matters, Peter Navarro, said he hopes that tariffs generate $ 600,000 million annually collection.
Who pays the tariffs?
Investigations have revealed that, in general, US consumers and companies are those that absorb the highest import tax costs. To avoid a decrease in benefits, companies often choose to raise prices and transfer part of that cost to consumers, although there are times when their margin deteriorates. Sometimes, part of the tariffs is adjusted by exchange or with pricing by foreign exporters.
What are the consequences of imposing tariffs?
Tariffs more expensive the price of imported products, which causes demand to lower and, therefore, that imports are reduced, although it depends a lot on the product in question. Sometimes, companies fix them to resort to a kind of tariff evasion, sending the merchandise through a third country, declaring a value lower than that of products or wasting them erroneously as similar goods than lower tariffs. Economists discovered that the evasion of tariffs could explain up to 90,000 million dollars of the estimated decrease of 240,000 million dollars in US imports from China compared to the levels prior to the commercial war, Bloomberg reports.
What is the “external income service” proposed by Trump?
The Trump administration has created an independent external income service to raise taxes as part of its commercial policy first. Analysts have indicated that tariff income is not an “external” source, since taxes are paid by importers based in the United States, who transfer at least part of the cost to US consumers. The concept underlines Trump’s desire to frame tariffs on foreign imports as a source of income that does not be in charge of taxpayers.
What does all this mean for commercial treaties?
The United States has free trade agreements with 20 commercial partners around the world, including the treaty between Mexico, the United States and Canada (TMEC), negotiated by Trump himself, which replaced NAFTA. In these agreements, countries undertake to reduce tariffs to almost zero. Trump’s tariffs on Mexico and Canada go against the commercial agreement between the three nations (which must be renegotiated in 2026). As a member of the World Trade Organization, the United States is subject to standards that include limitations in the use of commercial subsidies and barriers such as tariffs and quotas.
