US President Donald Trump's higher tariffs, ranging from 10% to 50%, went into effect at midnight Eastern time (07:00 Bulgarian time) on goods from major US trading partners, Reuters reported, BTA reported.
US Customs Service began collecting higher tariffs after weeks of tension over the final level of tariffs and negotiations with trading partners aimed at reducing them.
Goods that were loaded onto US-bound vessels and were in transit before the midnight deadline are being allowed to enter the country at the lower previous tariffs before October 5.
Trump has imposed high tariffs on a number of countries, including 50% on goods from Brazil, 39% on those from Switzerland, 35% on Canada and 25% on India. Yesterday he announced a separate 25% tariff on Indian goods, which will be imposed in 21 days because India buys Russian oil.
“The counter-tariffs go into effect at midnight. Billions of dollars - mostly from countries that have taken advantage of the US for many years with a smile on their faces - will start flowing into the US“, Trump wrote on the social network “Truth Social“.
Eight major trading partners, accounting for about 40% of US trade, have reached framework agreements on trade and investment concessions, including the European Union, Japan and South Korea, managing to reduce their basic tariff rates to 15%. Britain achieved 10%, while Vietnam, Indonesia, Pakistan and the Philippines achieved up to 19% or 20%.