Shock and relief - businesses worldwide react to new Trump tariffs
Summary
President Trump has introduced new tariffs on over 90 countries that do not have updated trade deals with the United States. Mexico received a temporary 90-day delay, while other countries like Thailand and Italy negotiated lower tariffs than initially expected. Business leaders are concerned about the impact of these tariffs on trade and are seeking solutions to adapt.Key Facts
- President Trump enacted new tariffs on countries without new trade agreements with the US.
- Over 90 countries are affected by these tariffs.
- Mexico has a 90-day reprieve before any new tariffs are applied.
- Thailand negotiated its tariff rate down from a potential 36% to 19%.
- Italy's trade agreement held tariffs at 15%, up from a previous average of 4.8%.
- Italian farmers and other industries are concerned about the impact on their economy.
- Business leaders are trying to find ways to adapt to these new trading terms.
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