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Trump announces new tariff rates for several countries. Here are the worst-hit ones
President Donald Trump, in a sweeping move to reshape US' trade relations, imposed dramatic new tariffs on goods from 14 countries on Monday.
Trump issued what he described as “take it or leave it” offers, detailing the tariffs they will now have to pay on goods exported to the US.
The move has triggered widespread concerns among international trade partners. The increased levies are set to take effect on August 1.
The two worst-hit nations, Laos and Myanmar, will face a staggering 40% tariff increase, the highest among the group.
In an official post on his Truth Social account, Trump said the new rates were necessary to address what he called "unsustainable trade deficits" that pose a "major threat to our economy and, indeed, our national security."
Laos and Myanmar worst-hit by .
Trump tariffs The Trump administration singled out Laos and Myanmar due to what the president described as unfair trade practices and regulatory barriers.
The 40% hike marks the most aggressive move in the current tariff round.
Source: Hindustantimes
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