Trump throws new tariff curveball: 15% tariffs on countries with whom US has trade 'deficit'
The US will hit scores of nations with steep tariffs starting from August 7. He announced a 10% 'universal tariff' on countries with whom the US has a trading surplus - according to the Trump admin's calculations - and a 15% tariff on those countries with whom the US has a 'deficit.'Trump also raised duties on Canada from 25% to 35%, with those levies coming into effect on Friday, August 1.
Chapter Breakdown
0:00 Trump raises tariffs for dozens of US trading partners
0:30 Evan Dyer, CBC reporter in Canada, on what the 35% tariff on certain Canadian goods means for Canada's economy
6:48 Asian markets fall after tariff announcement
7:20 Ian Chong, Political Science Professor at the National University of Singapore, on impact of tariffs on manufacturing countries in Asia
11:14 Mexico gets tariff reprieve and 90-day tariff extension
14:16 Kimberly Clausing, Professor of Tax Law and Policy at the UCLA School of Law, on why tariffs are an "own goal" for the US and hurt some of the US' key industries
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