Trump’s Latest Tariffs Unleash Global Economic Scramble, Over 60 Nations React

More than 60 countries worldwide are urgently responding to the latest wave of US tariffs, which came into force on Thursday following an announcement by President Donald Trump. These sweeping duties, ranging from 10% to 41%, are upending a decades-old global trading system, with industry representatives warning of significant job losses across both developed and developing economies.

Leaders globally are scrambling to implement contingencies as Trump’s tariff threats became reality at midnight Washington time. Brazil’s government is planning a state aid package for affected companies, with President Luiz Inácio Lula da Silva denouncing the duties as “unacceptable blackmail.” Switzerland, hit with a 39% tariff, is seeking new talks after its president’s last-gasp mission to Washington failed to avert what its industry group, Swissmem, called a “horror scenario.”

Taiwan continues discussions with the US over its 20% rate, while Ireland, bound by an EU-US deal, is devising a plan to diversify its economy heavily reliant on US multinationals. Despite a last-minute reprieve, Lesotho reports its textile sector is already devastated by uncertainty, leading to cancelled orders and job cuts. Laos faces a crippling 40% rate, with one garment manufacturing firm predicting over 20,000 workers could be impacted.

The “reciprocal” rates were announced by the White House a week prior, just before an August 1 deadline. President Trump claimed on social media that billions of dollars would flow into the US, though customs duties are typically passed on to consumers. While some partners like the UK, Japan, and South Korea secured reductions, the EU’s partial deal still leaves a 27.5% tariff on car imports, drawing strong criticism from Germany’s car industry federation for a lack of clarity and improvement.

India faces a potential total tariff of 50% after President Trump signed an executive order on Wednesday imposing an additional levy in retaliation for its oil purchases from Russia. Delhi has 21 days to respond, as Trump threatens similar tactics against other nations supplying Russia.

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