The new tariffs imposed by US President Donald Trump are placing a heavy tax burden on products imported from abroad. This was reported by Zamin.uz.
The tariffs announced in April are causing an increase in the prices of products imported from China, Vietnam, Canada, the European Union, and other countries. A tariff of 30-35 percent has been set on clothing and footwear products, which mainly affects items produced in Vietnam, China, and Bangladesh.
As a result, major companies like Walmart, Levi Strauss, and Nike are being forced to raise prices. Additionally, new tariffs have also been introduced on coffee, olive oil, tomatoes, and other food products.
For example, a 50 percent tariff is being imposed on Brazilian coffee, while a 20 percent tariff is applied to Vietnamese coffee. Starting from March, a 25 percent tariff has been introduced on imported cars.
Although car prices remain stable for now, manufacturers may face difficulties in covering these costs in the long term. Tariffs have also increased on essential materials used in housing construction, such as steel, aluminum, and copper, which will raise the prices of new homes.
Furthermore, a 10 percent tariff on oil imported from Canada may impact fuel prices. Many oil refineries in the US are specifically adapted to process raw materials coming from Canada.
While Trump's goal is to encourage domestic production, economists emphasize that this measure will lead to an increase in daily expenses for Americans in the short term. Thus, the new tariff rates may become an additional financial burden for consumers.
