Trump Imposes New Tariffs on 69 Countries, Impacts Global Trade

President Donald Trump has issued an executive order formalizing a new round of tariffs on dozens of countries, with rates ranging from 10-15% for most and some reaching as high as 50%. These tariffs target a wide range of products, including seafood, pharmaceuticals, electronics, and agricultural goods, with exceptions made for certain items like medicines and technology products. The tariffs, effective August 7, aim to address trade imbalances and lack of reciprocity in bilateral trade relationships, while negotiations with some trading partners continue. India, affected by a 25% tariff on exports, has taken a firm stance, protecting sensitive sectors such as farm and dairy products, genetically modified foods, and beef, emphasizing the importance of cultural sensitivities and farmers' interests. The imposition of tariffs has led to market reactions, including falling stocks and increased prices of goods such as peanut butter and canned soup in countries like Canada. Meanwhile, the legality of these tariffs is under judicial scrutiny, with the U.S. Court of Appeals expressing skepticism about the president's authority under the International Emergency Economic Powers Act, potentially leading to further appeals up to the Supreme Court.