New US Tariffs Imposed on 80 Countries, Effective Immediately

New tariffs imposed by the U.S. went into effect immediately, impacting approximately 80 countries and territories. These tariffs involve a universal baseline of 10% on most imported goods, adding to existing customs duties. Exemptions include petroleum, gas, copper, gold, silver, platinum, palladium, lumber, semiconductors, pharmaceuticals, and minerals not found domestically in the U.S. Steel, aluminum, and imported cars are excluded due to existing 25% tariffs. Canada and Mexico are subject to separate trade agreements. Effective April 9, countries exporting more to the U.S. than importing from the U.S. will face higher tariffs: China +54%, the European Union +20%, Vietnam +46%, and Japan +24%. The UN Conference on Trade and Development (UNCTAD) expressed concern about the inclusion of the world's poorest nations, noting their minimal contribution to the U.S. trade deficit.