Trump: New US Tariffs in Effect - 'Billions are Flowing In'

New US tariffs on products imported from dozens of economies took effect today, as part of US President Donald Trump's effort to create a new global trade order.

The additional tariffs took effect at 07:01 (Cyprus time), replacing the 'base' tariffs of 10% that had been applied since April for most countries.

They fluctuate between 15% and 41%. The European Union, Japan, and South Korea face tariffs of 15% on most of their products.

Trump posted on the 'Truth Social' platform: 'It's midnight!!! Billions of dollars in tariffs are now flowing into the United States!'. These higher tariffs do not apply to imports of certain sectors such as steel, automobiles, pharmaceuticals and chips.

Companies and industry groups warn that the new tariffs will hurt smaller American businesses and could fuel inflation.

Georgetown University professor Marc Busch expects American businesses to pass more of the bill on to consumers.

The presidential mandate also leaves unanswered questions for countries that have recently negotiated agreements with Trump.

A White House official said the 15% tariff against Japan is in addition to existing tariffs.

The EU continues to seek an exemption from tariffs for its core wine industry.

Source: CNA