New US tariffs targeting dozens of global economies took effect at midnight Washington time (6:00 AM Italian time), outlining the new trade order championed by President Donald Trump.
“Billions of Dollars, largely from countries that have profited enthusiastically off the United States, will start pouring into the USA,” Trump declared on his Truth Social platform minutes before the deadline.
These tariffs replace the 10% duties imposed in April on virtually all goods entering the United States for the affected economies. President Trump stated the goal is to rebalance trade between the US and its partners, whom he claims “benefit” from the world’s leading economic power. The new tariffs range widely from 15% to 41%.
Major US trading partners, including the European Union, Japan, and South Korea, are now subject to a minimum tariff rate of 15%.