Trump’s new tariffs lenient on some countries, while shares sink and U.S. dollar weakens
Summary
The United States, under President Trump, introduced new tariffs of up to 41% on imports from various countries. Some countries managed to negotiate better terms, but others, like Canada and Switzerland, faced increased rates. The financial markets reacted with falls in some stock benchmarks, and the U.S. dollar weakened against the yen.Key Facts
- The U.S. set new tariff rates up to 41% on imports from many countries, with changes taking effect on August 7.
- Some countries negotiated lower tariffs, while others struggled with increased rates due to missed negotiation deadlines.
- Canada's tariff on goods exported to the U.S. rose to 35%, partly due to drug trafficking issues and trade deficits.
- Switzerland faced a 39% tariff, up from the initially proposed 31%.
- New Zealand and Australia tried to negotiate reduced tariffs, with New Zealand exports facing a 15% rate.
- Financial markets showed a subdued reaction; Asian stocks fell, and the U.S. dollar weakened against the yen.
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