Last week, we covered the Donald Trump effect on international trade with sanctions and tariffs by the United States on other markets. Washington might feel these actions are a one-way street, but they usually get reciprocated. Here’s a quick look at tariffs by other countries on the US, courtesy Trump.
Trump effect and trade war: Tariffs imposed by the United States on the world in 2018
China has been bearing the brunt of most tariffs, so it is natural that the world’s most populous country would retaliate and they did. In July and August, China slammed a 25% tariffs on soybeans, beef, pork, seafood, vegetables, whiskey, ethanol and vehicles from the US — worth a whopping $50 billion.
By September, 5-10% tariffs were imposed on LNG, frozen foods and chemicals. These were worth $60 billion.
Now, China has only about $20 billion worth US imports to impose tariffs on — commercial aircraft takes $16 billion of it.
However, the Asian giant could make it difficult for the US by steadily ramping up regulatory hurdles for American companies alone. Given the massive customer base in China, this could significantly affect giants such as Apple (AAPL).
After the US surged duty on steel and aluminum from Canada, the neighboring country was quick to act — imposing tariffs in July on steel, aluminum, coffee, ketchup, and bourbon whiskey.
Mexico also retaliated in June by slamming a 25% tariffs on US steel, cheese, pork, apples, bourbon whiskey, and potatoes.
In the same month, the EU imposed 25% duty on Harley-Davidson motorcycles, bourbon, peanuts, jeans, steel, and aluminum.
India in June also lifted import duty on nuts by 20%, US iron and steel, and farm products also saw rise in tariffs.
In August, when the US lifted duty on Turkey’s steel and aluminum, the country doubled tariffs on US imports worth 1.8 billion. These included automobiles, paper, nuts, machinery and coal.