Trump Announces Sweeping New Tariffs on Imports

Former President Donald Trump has announced a new round of tariffs starting August 1, targeting imports from a wide range of countries, including a 50% tariff on Brazil and 25% tariffs on Japan and South Korea, with other countries such as the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka also affected at varying rates. The tariffs are justified as measures against trade imbalances, non-reciprocal trade practices, and, for Brazil, as a response to political grievances related to the prosecution of former President Jair Bolsonaro. Trump asserts these tariffs will benefit American workers and reduce trade deficits, although most economists argue they may increase inflation and harm economic growth. Business leaders and some U.S. allies have criticized the broad application of tariffs, especially concerning essential goods like pharmaceuticals. While market volatility has increased, U.S. stocks have remained relatively stable, but global markets and foreign governments are monitoring the situation for possible retaliatory actions. The White House indicated tariffs could be revised if new trade deals are achieved, though only a few agreements have been concluded so far.