President Trump’s global tariffs went live yesterday, but rates above the 10% baseline have been paused for 90 days, except China.
Chinese imports are currently levied at 125% after a tite-for-tat battle with the US in the past week, while China has an 84% tariff for American products as things stand.
Trump argues that his measures will protect American jobs and manufacturing, while boosting the US economy. Its seems that many experts, along with the US stock market, have different opinions.
Except China, everyone will receive the 10% baseline tariff for the next 90 days, before we assume the higher rates will apply for 60 countries.
Some of the planned duty rates, which significantly impact Asia origin cargo, are Cambodia 49%, Vietnam 46%, Bangladesh 37%, Thailand 37%, Indonesia 32%, Taiwan 32%, Pakistan 30%, India 27%, South Korea 26%, Japan 24%, Malaysia 24%, Philippines 18%.
The team at Global Freight Services will continue to keep a close eye on this story, which looks set to run for at least the next few weeks. Should you require further information, then please do not hesitate to contact a member of the team.
