Trump Slaps Steep Tariffs on Dozens of Countries, Markets React

President Donald Trump has announced a sweeping wave of new import tariffs on goods from 69 countries. These include major U.S. trading partners like Canada, Brazil, India, Taiwan, and Switzerland. The tariff rates range from 10% to 50%, depending on the country, and will take effect within a week.

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Here are some key figures:

1. Canada now faces a 35% tariff, up from 25%.

2. Brazil is hit with a 50% rate.

3. India faces 25%.

4. Taiwan is at 20%.

5. Switzerland has a 39% tariff.

Most other countries not specifically named will now face a flat 10% tariff. This move raises the overall U.S. effective tariff rate to about 18%, a sharp jump from 2.3% just a year ago.

The stock markets reacted negatively. The European Stoxx 600 dropped by 1% in early trading and closed 1.7% lower for the week, marking the biggest drop since April. U.S. futures also fell by about 1%. Although the market shock was less severe than in April, experts say the long-term impact could be worse if trade tensions escalate further.

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Meanwhile, prices in the U.S. are beginning to climb. New data from the Commerce Department shows that home furnishing and household equipment prices rose by 1.3% in June  the largest increase in over two years.

Economists warn that these tariffs could hurt both U.S. consumers and businesses. Rising costs for imports may lead to price hikes across various sectors, especially those reliant on global supply chains. Analysts are concerned the trade strategy might boost short-term protection but hurt long-term growth.

Countries affected by the new U.S. tariffs are reacting with concern and pushing for negotiations. Many leaders are calling the tariffs unfair, unpredictable, and damaging to both sides.

Switzerland said it would seek a diplomatic resolution. A trade official from the country said the tariffs were not based on logic and would hurt small businesses. Taiwan's president said the 20% tariff is likely temporary and hopes for better terms soon.

India is now in active talks with the U.S. since its 25% tariff affects about $40 billion worth of its exports. Canada faces a sharp 35% tariff due to what the Trump administration calls a failure to control fentanyl-related drug trafficking. Prime Minister Mark Carney called the move disappointing and promised to protect Canadian jobs and industries.

Mexico received a 90-day delay on new tariffs, giving both sides time to finalize a broader trade deal. The European Union has already agreed to a flat 15% tariff rate, which leaders say creates stability and trust in transatlantic trade.

Some Southeast Asian countries breathed a sigh of relief after getting a reduced average rate of 19%, down from 36%. Thailand said the cut boosts its economy and investor confidence. Meanwhile, Australia benefits from only a 10% tariff, helping its goods stay competitive in the U.S. market.

However, trade analysts say that there are no real winners in this type of conflict. Even countries that avoided the steepest tariffs still face supply chain disruptions. German winemakers, for example, warned that both European producers and American retailers would lose revenue, customers, and jobs.

Despite the diplomatic noise, the Trump administration has hinted at more trade actions in the coming months. With markets shaky and inflation rising, global businesses are watching closely.