Trump Unleashes Global Trade Turmoil with New Wave of Tariffs

Trump's long-threatened tariff policy took effect at midnight, targeting over 60 countries after months of pressure and ultimatums labeled by Trump as a campaign to end what he called “unfair trade.”

The new tariffs, which range up to 50 percent, mark the culmination of what Trump had previously branded as "Liberation Day" from foreign exploitation.

With only minutes before the deadline, Trump boasted on his Truth Social platform:

“RECIPROCAL TARIFFS TAKE EFFECT AT MIDNIGHT TONIGHT! BILLIONS OF DOLLARS, LARGELY FROM COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS, LAUGHING ALL THE WAY, WILL START FLOWING INTO THE USA,” he wrote.

He continued his message after the deadline passed, declaring, “BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!”

The policy rollout includes punitive measures against several major economies. Brazil faces 50 percent tariffs on key exports after its government refused Trump’s demands to halt judicial proceedings against former president Jair Bolsonaro. Exceptions were made for certain strategic exports, including aircraft, pig iron, and fertilizer — a clear indication of US prioritization of its own needs over trade fairness.

India also became a prime target, receiving an additional 25 percent tariff effective August 27, following a similar increase earlier in the month. Trump cited India’s continued oil trade with Russia as the reason, accusing New Delhi of “fueling the war machine.”

Canada was hit with a 35 percent tariff, although products covered under the USMCA trade pact remain exempt. Mexico received a temporary 90-day reprieve to finalize negotiations, signaling selective pressure based on Washington’s geopolitical preferences.

Nations such as Switzerland, Turkey, South Africa, Bolivia, Cambodia, and even neutral states like Iceland and New Zealand were also listed among those yet to secure a US trade agreement — exposing the arbitrary and politicized nature of the sanctions.

Of note, Iran and North Korea, both already facing extensive American economic warfare, were included on the list, further solidifying the Trump administration’s aggressive stance toward independent and non-aligned countries.

The US and China, meanwhile, extended trade negotiations to August 12, following recent high-level meetings in Stockholm. Trump has claimed success in securing deals with the UK, EU, and Japan — boasting of a $550 billion trade agreement with Tokyo and European pledges for US investment.

However, the cost of these moves is already being felt at home. Economists warn that tariffs on essential imports — including food, clothing, cars, and electronics — will burden US consumers. While some importers are temporarily absorbing the cost, many admit this is not sustainable.

Despite these warnings, Trump defended his aggressive tactics in an interview with CNBC: “People in the United States love the tariffs. They love their country, and they love that foreign countries aren’t ripping us off,” he claimed.

“For years, they ripped us off. Friend and foe. And the friend was worse,” he added.

According to Treasury Secretary Scott Bessent, the US has already collected $152 billion in tariff revenue this year — a figure expected to rise to $300 billion, showing the extent to which the administration prioritizes income over global economic stability.

Trump’s sweeping tariffs serve as a stark reminder of Washington’s unilateral approach to global trade — one that critics argue prioritizes dominance over diplomacy, and short-term gains over long-term cooperation.