US Announces New Tariffs on African and Caribbean Goods

US President Donald Trump has unveiled plans to impose tariffs exceeding 10% on imports from smaller nations, particularly targeting countries in Africa and the Caribbean. This strategic move aims to address the US trade deficit, though the impact is expected to be minimal given the low trade volumes with these regions.

Pharmaceutical and Chip Sectors to Face Future Tariffs

Trump hinted at upcoming tariffs on pharmaceutical drugs and computer chips, starting at a lower rate to encourage domestic production. Companies are given a one-year grace period to establish factories in the US before higher tariffs take effect.

Previous Tariff Agreements

Earlier this month, the administration notified two dozen countries and the EU about new tariff rates set to commence on August 1, mirroring the high import taxes announced in April. A 90-day negotiation period concluded on July 9, amidst initial market concerns.

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