President Donald Trump’s new US tariffs take effect

US President Donald Trump has launched tariff wars with nearly all of Americas trading partners A number of sweeping new taxes on goods from other countries are already here and more took effect on WednesdayNew tariffs that took effectTrump has declared that the US would now tax nearly all of Americas trading partners at a minimum of 10 per cent and impose steeper rates for countries that he says run trade surpluses with the US This went into effect on SaturdayUS President Trump speaks during an executive order signing event in the East Room of the White House PicAFPThe steeper levies run as high as 50 per cent with that biggest rate landing on small economies that trade little with the US including the African kingdom of Lesotho Some other rates include a tax of 47 per cent on imports from Madagascar 46 per cent on Vietnam 32 per cent on Taiwan 25 per cent on South Korea 24 per cent on Japan and 20 per cent on the European UnionChina in focusTrump last week announced a tariff of 34 per cent on China on top of 20 per cent levies he imposed on the country earlier this year He then added on another 50 per cent levy on Chinese goods in response to Beijings retaliation That took the combined tariff to 104 per cent China said it will levy its own 34 per cent tariff on all US goods starting on Thursday maintaining that it will ldquofight to the endrdquo to protect itselfXi to boost local tiesChinese President Xi Jinping has pledged to strengthen strategic relationships with neighbouring countries by ldquoappropriatelyrdquo managing differences and enhancing supply chain ties Xi called for building a community with a shared future and opening new ground for Chinas neighbourhood workWorries over Panama CanalDefence Secretary Pete Hegseth during a visit to Panama stated that Chinas dominance over Panama Canal ports poses a risk to US security The Panama Canal has emerged as a center of geopolitical conflict as Chinas participation in its ports raises US apprehensions regarding control and dominance over this vital global trade channel At a ribboncutting ceremony for a new USfunded dock at the Vasco Nunez de Balboa Naval Base following discussions with Panamas President Jose Raul Mulino Hegseth said the US will not permit China or any other nation to jeopardise the canals operationsCanada imposes auto tariffsCanada is implementing retaliatory tariffs just after midnight on Wednesday with a 25 per cent tariff on auto imports from the US that do not comply with the USMCAmdashthe 2019 North American trade pact put into place during Trumps first termShare markets slip againAsian shares slipped as Japans Nikkei 225 initially lost nearly 4 per cent per cent and other markets in the region also declined On Tuesday the SampP 500 dropped 16 per cent after wiping out an early gain of 41 per cent The Dow Jones Industrial Average dropped 08 per cent while the Nasdaq composite lost 21 per centUS eyeing Pakrsquos untapped mineralsUS companies want to invest in Pakistans minerals sector that boasts one of the worlds largest copper and gold deposits Eric Meyer of the US State Department Bureau of South and Central Asian Affairs conveyed this directly to Pakistani Prime Minister Shehbaz Sharif in IslamabadlsquoTehran does not seek nuclear bombrsquoIranrsquos President Masoud Pezeshkian said again that his nation is ldquonot after a nuclear bombrdquo ahead of talks with the US going as far as dangling the prospect of direct American investment in the Islamic Republic if the countries can reach a dealThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoeveratOptionskeyd0ddb8ef8f1a62a8cdd22fac27fc5ea7formatiframeheight90width728params