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Home » Dozens of countries with no deals face higher tariffs as trade deadline nears

Dozens of countries with no deals face higher tariffs as trade deadline nears

Mexico News Daily by Mexico News Daily
8 months ago
0 0

WASHINGTON — Numerous countries around the world are facing the prospect of much higher duties on their exports to the United States on Friday, a potential blow to the global economy, because they haven’t yet reached a trade deal with the Trump administration. Some of the United States’ biggest trading partners have reached agreements , or at least the outlines of one, including the European Union, the United Kingdom, and Japan. Even so, those countries face much higher tariffs than were in effect before Trump took office. And other large trading partners — most notably China and Mexico — received an extension to keep negotiating and won’t be hit with new duties Friday, but they will likely end up paying more. President Donald Trump intends the duties to bring back manufacturing to the United States, while also forcing other countries to reduce their trade barriers to U.S. exports. Trump argues that foreign exporters will pay the cost of the tariffs, but so far economists have found that most are being paid by U.S. companies. And measures of U.S. inflation have started to tick hi

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