US tariffs: how Trump’s tax is hitting Big Tech and beyond
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Trump announces new “reciprocal” tariff hikes.
The Trump administration has revealed updated tariff rates on exports from dozens of countries due to take effect on August 7th, and an EO targeting alleged “inaction and retaliation” from Canada that will raise its rate on certain items from 25 to 35 percent starting August 1st.
CNN has a simple breakdown here of what this means so far. According to the WSJ, “the result will be significantly higher tariffs on virtually every US trading partner,” ranging from 10 to 41 percent, and a 40 percent penalty rate for goods “transshipped” to avoid tariffs.
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