U.S. President Donald Trump. File
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Reuters
The U.S. began officially levying higher taxes on imports from dozens of countries Thursday (August 7, 2025) four months after President Donald Trump first announced plans to impose tariffs on most of the world while seeking new trade agreements across the board.
The White House said that starting just after midnight goods from more than 60 countries and the European Union would face tariff rates of 10% or higher. Products from the European Union, Japan and South Korea will be taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%. Mr. Trump also expects places such as the EU, Japan and South Korea to invest hundreds of billions of dollars in the U.S.
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In a post on Truth Social, Mr. Trump wrote in all capital letters, “It’s midnight! Billions of dollars in tariffs are now flowing into the United States of America!”
Mr. Trump imposed a 25% tariff on India as a part of the ‘reciprocal tariff’. But, Indian goods could also be subject to an additional 25% tariff additionally because of an executive order Mr. Trump signed on Wednesday (August 6, 2025) that seeks to penalise India for purchasing oil from Russia. That second tariff is slated to take effect on August 27.
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