New US Tariffs Trigger Global Trade Turmoil
News: The US has launched sweeping new tariffs on over 60 nations as of 7 August, marking the highest average tariff rate since 1933.
Dubbed the “Turnberry system,” the move sparked protests from partners including the EU and India, while China and Mexico remain in negotiations. Tariffs now cover countries from Vietnam to Brazil, with rates as high as 50%, and could cost US households $2,400 annually.
A 100% tariff ultimatum on computer chips looms, with Nvidia and AMD striking revenue-sharing deals to secure export licenses.
The US-India dispute escalated after tariffs doubled to 50%, freezing defense ties. Meanwhile, a fragile truce with China was extended, providing temporary relief amid global trade and market turmoil.
Source: weforum.org
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