U.S. President Donald Trump’s so-called “reciprocal” tariffs took effect on Thursday, imposing higher duties on many of the country’s trading partners’ exports to the U.S.
“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!” Trump wrote on social media platform Truth Social.
In an earlier post Trump had said the tariffs were targeting “COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS.”
Trump last week — ahead of his Aug. 1 tariffs deadline — rejigged the tariff rates and pushed back the deadline to Aug. 7.
Some of the steepest duties include Syria’s 41%, and Laos and Myanmar’s 40% rate, while Switzerland — after being unsuccessful in a last-minute scramble for a deal — is facing 39% tariffs.
