Washington, Aug 1: Many countries may face higher taxes on their exports to the United States starting Friday. This could hurt the global economy. These countries have not yet made trade deals with the Trump administration.Some major US trading partners like the European Union, the United Kingdom, and Japan have made deals or are close to finalizing them. But even they will face higher tariffs than before Trump became President. Other big partners like China and Mexico have more time to make a deal. Still, they may also face higher tariffs later.
President Donald Trump says the goal is to bring back manufacturing jobs to the US. He also wants other countries to lower their trade limits on American goods. Trump believes foreign companies will pay the tariffs. But experts say most of the cost is falling on American businesses.
Prices in the US are rising for imported products like furniture, appliances, and toys. This means US inflation is slowly going up.