With the clock ticking toward August 1, countries worldwide are scrambling to avoid steep new U.S. tariffs announced by former President Donald Trump. The policy, initially delayed in April, could reshape global trade dynamics—and your wallet. 💸
What’s Changing?
Trump recently hinted at raising baseline tariffs to 15% (up from 10%) for many nations, with rates soaring to 50% for countries he claims "haven’t been getting along" with the U.S. The move follows stalled negotiations and could hit everything from electronics to apparel.
Who’s Affected?
🇲🇽🇨🇦 Mexico and Canada: 25% tariffs, though exemptions apply for goods under the USMCA trade pact.
🇰🇭🇧🇩 Cambodia and Bangladesh: Apparel imports face 35-36% rates, threatening fast-fashion supply chains.
🌍 Others: Steel/aluminum tariffs remain at 50%, while smaller economies await last-minute deals.
U.S. Commerce Secretary Howard Lutnick confirmed the deadline but left room for talks: "Nothing stops countries from negotiating after August 1." Will global leaders fold or fight? Stay tuned. 📈🔍
