President Trump’s sweeping global tariffs came into effect yesterday, before tariffs of over 10% were paused for 90 days, except China.

Trump originally announced a 54% tariff on China, and a tit for tat tariff battle has resulted in the US imposing an incredible 125% on China. US products are currently subject to 84% when arriving In China.

Trump believes the tarifs will boost the US economy, arguing that the measures will protect American jobs and manufacturing. However, many experts disagree, with the action leading to US stocks being amongst those tumbling.

The UK tariff is set at 10%, but British companies operating in the US market with products made in China have seen their costs spiral.

60 countries had been set for rates above the 10% baseline, all of whom will be charged the 10% during the postponement period, except China. Some of the most notable duty rates planned for imports to the US include:

Europe:
Switzerland 32%
European Union 20%
UK 10%

Asia:
China 125%
Cambodia 49%
Vietnam 46%
Bangladesh 37%
Thailand 37%
Indonesia 32%
Taiwan 32%
Pakistan 30%
India 27%
South Korea 26%
Japan 24%
Malaysia 24%
Philippines 18%

We suspect the story doesn’t end here and will be monitoring developments over the coming days and weeks.

Should you have concerns about upcoming orders, then please do not hesitate to contact us.