Trade Wars Escalate as U.S. Slaps New Import Taxes
U.S. President Donald Trump’s latest tariff blitz has sent shockwaves through global markets, with import taxes ranging from 10% to 41% hitting dozens of countries. While some nations like the UK and Japan secured last-minute deals, others like India and South Africa face steep levies starting August 7. 💥
Developing Nations Bear the Brunt
Countries in Africa, Asia, and Latin America without bilateral deals will see average tariffs of 19%, threatening key exports like pharmaceuticals and textiles. India’s rupee plummeted 2% in July, while South Africa warns of 100,000+ job losses. Analysts predict global GDP growth could drop to 2.9% by 2026. 📉
Deals or No Deals? The Fine Print
South Korea dodged a 25% auto tariff bullet by pledging $350B in U.S. investments, but critics call the agreement vague and potentially harmful to existing trade pacts. Meanwhile, Walmart and other U.S. retailers warn of rising prices as import costs climb. 🚗💡
Global Backlash & China’s Stance
BRICS nations condemned the tariffs as "unjust," while China reaffirmed support for WTO-led multilateral trade systems. The OECD slashed its U.S. growth forecast to 1.5% for 2026, proving no one escapes this economic domino effect. 🌐🤝
