Washington (DC, USA), Aug. 7 (LaPresse/AP) – The generalized tariffs imposed by U.S. President Donald Trump on dozens of countries have come into effect, just as the prolonged threat of tariffs has begun to visibly impact the American economy. The White House announced that starting shortly after midnight U.S. time, goods from over 60 countries and the European Union would be subject to tariffs of 10% or more. Products from the EU, Japan, and South Korea will face a 15% tariff, while imports from Taiwan, Vietnam, and Bangladesh will be taxed at 20%. For countries like the EU, Japan, and South Korea, Trump also expects them to invest hundreds of billions of dollars in the U.S. Despite the uncertainty, the Trump administration is confident that the implementation of these generalized tariffs will clarify the direction of the world’s largest economy. Now that companies understand the path the U.S. is taking, the administration believes they can boost new investments and hiring to rebalance the U.S. economy as a manufacturing powerhouse.
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