Katia Dmitrieva of Bloomberg reports that just before a key deadline, President Trump imposed sweeping new tariffs, including 25% on India and 15% on South Korea, while advancing trade deals with Taiwan, Thailand, and Cambodia. Copper markets plunged amid surprise exemptions, and many nations now face tariffs up to 50% without U.S. trade deals. The uncertainty is rattling global markets, even as U.S.-China talks show signs of progress. Dmitrieva writes:
Donald Trump unleashed a series of tariff deals and demands on the eve of his Friday deadline, including surprises on India and copper as the US president attempts to create a new global trade order.
Trump on Wednesday announced tariffs of 15% on imports from South Korea that matched the rate for neighbor Japan, and a painful 25% levy on imports from India that was accompanied by criticism of its purchases of Russian energy and weapons, pressuring Prime Minister Narendra Modi. […]
For India, Trump threatened a still-undefined additional penalty over its purchases of Russian energy, on top of a 25% tariff on imports from the nation. That puts a slew of industries at risk including clothing and jewelry manufacturers.
Any move on Russian oil may come up in talks with China, given that Beijing also takes substantial volumes of Moscow’s crude, which the US has targeted since its 2022 invasion of Ukraine. Oil was holding Thursday near the highest in almost six months.
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