Sweeping tariffs introduced by the Trump administration on more than 90 countries have come into effect – with the US President threatening India with a 50% tariff on August 27 unless it agrees to stop buying oil from Russia.
The Indian government called the move “unfair, unjustified and unreasonable” and said it would work to protect the interests of the nation.
Earlier this week, Trump said that import duty on imported pharmaceuticals into the US could go as high as 250% – and referenced Ireland’s role in that sector. He said fresh tariffs would be announced for that pharma industry despite the EU deal struck at the end of July.
In recent days, Trump has also threatened a 100% tariff on computer chips made abroad as part of a drive to encourage tech firms to invest in America.
BBC reports that the threat “came as Apple announced a new $100bn (£75bn) US investment after coming under pressure from the White House to move more production “to the United States.
The Trump administration announced the list of tariffs on trading partners last week, which led to a scramble to reach agreements before today’s deadline.
| Countries and Territories | Reciprocal Tariff, Adjusted |
| Afghanistan | 15% |
| Algeria | 30% |
| Angola | 15% |
| Bangladesh | 20% |
| Bolivia | 15% |
| Bosnia and Herzegovina | 30% |
| Botswana | 15% |
| Brazil | 10% |
| Brunei | 25% |
| Cambodia | 19% |
| Cameroon | 15% |
| Chad | 15% |
| Costa Rica | 15% |
| Côte d`Ivoire | 15% |
| Democratic Republic of the Congo | 15% |
| Ecuador | 15% |
| Equatorial Guinea | 15% |
| European Union: Goods with Column 1 Duty Rate[1] > 15% | 0% |
| European Union: Goods with Column 1 Duty Rate < 15% | 15% minus Column 1 Duty Rate |
| Falkland Islands | 10% |
| Fiji | 15% |
| Ghana | 15% |
| Guyana | 15% |
| Iceland | 15% |
| India | 25% |
| Indonesia | 19% |
| Iraq | 35% |
| Israel | 15% |
| Japan | 15% |
| Jordan | 15% |
| Kazakhstan | 25% |
| Laos | 40% |
| Lesotho | 15% |
| Libya | 30% |
| Liechtenstein | 15% |
| Madagascar | 15% |
| Malawi | 15% |
| Malaysia | 19% |
| Mauritius | 15% |
| Moldova | 25% |
| Mozambique | 15% |
| Myanmar (Burma) | 40% |
| Namibia | 15% |
| Nauru | 15% |
| New Zealand | 15% |
| Nicaragua | 18% |
| Nigeria | 15% |
| North Macedonia | 15% |
| Norway | 15% |
| Pakistan | 19% |
| Papua New Guinea | 15% |
| Philippines | 19% |
| Serbia | 35% |
| South Africa | 30% |
| South Korea | 15% |
| Sri Lanka | 20% |
| Switzerland | 39% |
| Syria | 41% |
| Taiwan | 20% |
| Thailand | 19% |
| Trinidad and Tobago | 15% |
| Tunisia | 25% |
| Turkey | 15% |
| Uganda | 15% |
| United Kingdom | 10% |
| Vanuatu | 15% |
| Venezuela | 15% |
| Vietnam | 20% |
| Zambia | 15% |
| Zimbabwe | 15% |
It is believed that some of the countries hardest hit in Asia appear to have been targeted because of their trade with China.
Switzerland has also been struck with a 39% tariff rate – while Canada’s tariff has been raised from 25% to 35% with Trump claiming that the country had “failed to cooperate” in curbing the flow of drugs across the US border – a charge denied by the Canadian government.