Trump Imposes Global Tariffs on 90+ Countries, Delays Start Date to August 7

US President Donald Trump has issued an executive order imposing new tariffs on imports from over 90 countries, including India, the European Union, Brazil, and Canada, with rates ranging from 10 to 50 percent on various goods. While the tariffs were initially set to begin August 1, their implementation was delayed by a week to August 7 to allow updates to the Harmonized Tariff Schedule, and goods shipped before August 7 arriving by October 5 will face previous tariff rates, offering a grace period. The tariffs mark a significant shift away from the multilateral trade frameworks of the past 25 years, aiming to reorder global trade and address issues like transshipped goods, but risk inflaming tensions with traditional allies and raising costs for manufacturers and consumers. India's economy is expected to face short-term challenges from the 25 percent tariff, particularly on copper-based goods, but experts believe India's long-term growth remains strong due to its large market and openness to competition. European leaders, including French President Emmanuel Macron, have criticized the EU's response, calling for a tougher and more unified stance against US trade pressure, while the European Commission has sought to provide some exemptions for agricultural products. Despite legal questions and international criticism, Trump maintains that the tariffs will boost American prosperity and restore respect for US trade interests.