US President Donald Trump stopped yesterday, Wednesday, in a surprise step – as part of the customs duties attack on commercial partners, after he reduced the fees on many countries for a period of 90 days to allow the way to negotiate commercial barriers, while raising the new fees on Chinese goods to 125%.
The move came a week after the market turmoil, during which the stock exchanges incurred the losses of dollars, and the latest shift in the path of the customs duties agenda that Trump has hurriedly, caused confusion over its goals.
Below is the most prominent details of Trump’s latest move, according to a report by Reuters:
Stop the “anti -counter” customs duties temporarily
- Trump’s move means that many goods from most countries will be subject to 10% fees for 90 days. Trump suspended anti -customs duties, at higher proportions, which came into effect on Wednesday, on 57 commercial partners for 90 days.
- These partners, who include the European Union, Japan and South Korea, will return to a 10%customs duties.
- The 10% “basic” customs duties that entered into force on the fifth of April will remain on most other countries, including Brazil, Australia, Britain and Colombia, and will be valid for 90 days.
Increase customs duties on China to 125%
After rounds of mutual trade escalation, including customs duties imposed by China on American goods by 84% and announced yesterday, Wednesday, Trump replied again with higher fees, which raised the total new fees imposed since he took office last January to 125%. This is in addition to customs duties that were already imposed on many Chinese commodities during its first term.
https://www.youtube.com/watch?v=g-u7elbzcgo
No change for Canada and Mexico
- Trump’s announcement of the customs duties last week Canada and Mexico was excluded, but only because their goods are subject to customs duties by 25% linked to the fentanel.
- These fees are currently valid with an unspecified exemption for goods related to the free trade agreement between the United States, Canada and Mexico.
Car and metal fees are still standing
- Trump’s decision does not apply to 25% customs duties imposed on steel and aluminum last March, and on cars on April 3.
- Customs duties will enter 25% on auto parts on May 3.
Exclusion some sectors are still valid
- The sectors of copper, wood, semi -conductors, medicines and basic minerals were excluded from customs duties.
- But these sectors are expected to undergo commercial investigations that will be likely to lead in the future to impose separate customs duties, as with cars.
- Trump excluded oil, gas and other energy products from customs duties.
