Economy
Factual: It presents a clear update (tariffs taking effect Friday).
The US plans to impose new tariffs on major trading partners starting this Friday under President Trump. Financial experts warn these tariffs, paid by importers, will likely increase consumer prices, reduce household spending, and strain the US economy.
Breakdown by Product and Country
Coffee
Brazil: 50% tariff (starting August 1), cited as a response to a “witch hunt” against ex-president Jair Bolsonaro.
Vietnam: 20% tariff.
Apparel
China: A new 30% duty on top of existing tariffs. Duties may rise further if a tariff truce lapses on August 12.
Bangladesh: 35% tariff.
Vietnam: 20% tariff.
Jasmine Rice
Thailand: 36% duty (starting Friday).
Pakistan: 29% duty (starting Friday).
India: 26% duty (starting Friday).
Cocoa
Cocoa Beans (from Ivory Coast): 21% tariff.
Cocoa Butter (from Indonesia): 19% tariff.
Cocoa Butter (from Malaysia): 25% tariff.
Electronics and Raw Materials
Copper Imports: A sweeping 50% tariff (starting August 1). This is expected to heavily impact the construction and electronics manufacturing sectors.
