Tomorrow Friday, the imports of product imports will be put into force almost four months after the US president made this announcement for the first time.
From August 1, after two postponements, additional duties will be put into force on the products exported to the US by most of Washington’s commercial partners, with some being particularly high.
“It will take place on Friday,” US Secretary of Commerce Howard Latnik assured. “August 1st is the day on which we will implement these duties and then no longer be discussed,” he added.
Countries affected by duties
For about 80 countries, including EU 27, the tariffs in their products are going to increase from tomorrow and range from 11% to 50%.
The EU, Japan, South Korea, Britain, Vietnam, Indonesia and the Philippines have reached an agreement with the US, managing to agree to a lower rate of duties than it was initially announced by Washington.
Duties for European products exported to the US will be 15% from 20% announced by the US government in early April.
However, as only seven agreements have been announced, the White House is far from the “dozens of agreements” that would be able to sign during the 90 -day suspension it had announced in early June.
Brazil is more influenced by US duties, as Trump announced the imposition of an additional 50% of retaliation for the prosecutions brought by Brazilian justice to the detriment of former President Zaich Bolsonaru, who is accused of attempting to attempt a 20 Wednesday and these duties will come into force on August 6th.
At the same time, the US president announced the imposition of 50% duty on copper imports from tomorrow.
In addition, it makes it “very difficult” to conclude a trade agreement.
The impact of duties still cause concern for economists, who believe that they will affect not only inflation but also American development.
How duties are formed from August 1
According to the budget Lab of the Yale University, the average of duties on July 30 was over 18%, the highest level since 1933, and may increase even further after the new duties were implemented.
Their impacts are already felt on American development: although it actually recovered in the second quarter of the year, most analysts estimate that it is a misleading performance and point out that growth in the first half slowed down, around 1.3% at a year.
This trend is expected to be confirmed the rest of the year because “duties are groaning a little bit of activity,” Nationwide’s leading economist Katie Bostiancic underlined.
For Samuel Tobs of Pantheon Macroeconomics, growth in the second semester is going to be below 1% annual.
In terms of inflation, Harvard University Economics Professor Jason Ferman expects it to reach 3%, which drives the US Central Bank (FED) to maintain a cautious attitude towards Trump’s disappointment.
On Wednesday, the Fed maintained its interest rates unchanged, and its leader Gerom Powell appeared to remove even more their future reduction.
