US Imposes Higher Tariffs on Imports from 60 Countries Amid Trade Tensions

The US has begun levying higher taxes on imports from over 60 countries and the European Union, with some countries facing 10%, 15%, or 20% tariffs. The White House believes this will provide clarity on the US economy and encourage investment. However, economic data shows a flagging US economy since Trump's initial rollout of tariffs in April. India's PM Modi vows to defend farmers' interests, while Sony's profit surged 23% in Q4 due to lower-than-expected damage from US tariffs.

Title: US Begins Higher Import Taxes on Over 60 Countries, EU; Economic Impact Remains Uncertain

The United States has officially begun levying higher taxes on imports from over 60 countries and the European Union, with tariff rates ranging from 10% to 20%. The White House believes these measures will provide clarity about the US economy and encourage investment. However, economic data shows a flagging US economy since the initial rollout of tariffs in April.

President Donald Trump announced the tariffs, which will affect a wide range of products, including those from the European Union, Japan, South Korea, Taiwan, Vietnam, and Bangladesh. The EU, Japan, and South Korea will face a 15% tariff, while imports from Taiwan, Vietnam, and Bangladesh will be taxed at 20%. The White House expects these countries to invest hundreds of billions of dollars in the US economy.

Economists have raised concerns about the impact of these tariffs. John Silvia, CEO of Dynamic Economic Strategy, noted that the economy has become less productive, and firms cannot pay the same real wages as before. Brad Jensen, a professor at Georgetown University, emphasized that the tariffs will likely slow down the economy rather than cause an immediate collapse.

Despite the uncertainty, the stock market has shown resilience, with the S&P 500 index climbing more than 25% from its April low. The market's rebound and the income tax cuts in Trump's tax and spending measures signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months.

India's Prime Minister Narendra Modi has vowed to defend farmers' interests against the US tariffs. Meanwhile, Sony's profit surged 23% in Q4 due to lower-than-expected damage from US tariffs.

The European Union has delayed its countermeasures to US tariffs by six months. This delay follows a framework deal in which the US agreed to lower planned tariffs on imports from the bloc from 30% to 15%. The EU has agreed to purchase $750 billion in US energy exports and make a $600 billion investment in the country.

The US economy continues to face challenges, with hiring stalling, inflationary pressures creeping upward, and home values in key markets starting to decline. The ultimate transformations of the tariffs are unknown and could play out over months, if not years. Many economists say the risk is that the American economy is steadily eroded rather than collapsing instantly.

References:
[1] https://www.npr.org/2025/08/07/nx-s1-5495218/trump-tariffs-trade-economy
[2] https://www.supplychaindive.com/news/eu-delays-us-tariff-countermeasures-six-months/756784/
[3] https://www.indiatoday.in/business/story/donald-trump-tariff-strategy-hurting-us-economy-jobs-inflation-data-explained-2765799-2025-08-04