Trump's New Tariffs Shake Global Trade
In a series of moves that have sent ripples through global trade, US President Donald Trump has issued new tariffs and suspended some existing ones. The Office of the United States Trade Representative (USTR), led by US President Donald Trump, holds the authority to impose such measures, but it was the President himself who announced these changes in early 2025.
Among the new tariffs, a 100% duty was imposed on patented pharmaceuticals, while heavy trucks saw a 25% increase. These decisions were made under the guise of national security, with the USTR specifically citing semiconductors as a key concern. Meanwhile, the US has also targeted timber and lumber products, including kitchen cabinets, with a 25% tariff.
The US's trade stance has drawn international attention. ASEAN economic ministers recently met with US Trade Representative Jamieson Greer to appeal for lower tariffs, but their pleas were met with resistance. Negotiations between the US and ASEAN on trade deals continue, but if talks stall, the US has hinted at the possibility of further tariffs as a solution.
These tariff changes, led by US President Donald Trump, have significant implications for global trade. While national security concerns are cited as a driving factor, the potential impact on industries and economies worldwide is substantial. As negotiations with ASEAN and other nations continue, the global trade landscape remains in flux.
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