Trump’s Tariff Blitz Fuels Widespread Trade Turmoil
(MENAFN) Six months into his second term, US President Donald Trump has once again unleashed tariffs as a key instrument on the international stage.
From China and Mexico to the European Union, Trump has escalated trade tensions by implementing a fresh wave of tariffs. While this move aligns with his campaign pledges, it has stirred significant instability across financial markets and disrupted global supply chains.
The resurgence of Trump's protectionist agenda has triggered notable volatility in global markets, impacting commodity prices, precious metals, and crude oil.
Initially rolled out in April, Trump’s “reciprocal” tariffs ranged broadly from 10% to 50% across most trading partners. However, on April 9, he temporarily paused these tariffs for 90 days—excluding those imposed on China.
After a protracted tariff standoff, the US and China reached a trade agreement following talks in London last month, agreeing to roll back certain punitive tariffs and ease other restrictions.
Meanwhile, numerous countries have been engaged in negotiations to secure trade deals featuring tariff rates lower than those introduced by the US in April.
The United States has also struck agreements with the UK, Vietnam, and Indonesia.
In addition, President Trump has dispatched letters to multiple countries notifying them of the tariff rates set to take effect on August 1. Among them, the EU and Mexico will face 30%, while Canada’s rate is pegged at 35%.
Furthermore, Trump unveiled targeted tariffs affecting specific sectors, including a 25% duty on all automotive imports beginning in April.
Additional steep levies include a 50% tariff on copper imports and a staggering 200% rate on pharmaceutical products entering the US, both effective August 1.
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