Sweeping new US tariffs imposed by President Donald Trump on over 90 countries have officially come into force, with the president announcing that billions of dollars in tariffs are now flowing into the US.
The measures include a 50 per cent tariff on Indian goods, set to begin on August 27 unless India halts its purchase of Russian oil, a move New Delhi has condemned as “unfair, unjustified, and unreasonable.”
The president also threatened a 100 per cent tariff on foreign-made semiconductors to pressure tech firms to invest in America, prompting Apple to announce a $100 billion US investment.
The new tariffs, which range from 15 to 50 per cent, have hit export-reliant economies hard, particularly in Southeast Asia, with countries like Laos and Myanmar facing levies as high as 40 per cent.
Some nations, including the UK, Japan, and the EU, have secured partial deals to reduce the impact, while others like Taiwan and Brazil are still locked in tense negotiations.
Despite the disruption, Asian stock markets showed relative stability, though markets in India and Australia dipped.