Trump: New US Tariffs in Effect – Plans 100% on Microchips

New US tariffs on imported products took effect today, as part of Donald Trump's effort to reshape global trade.

The tariffs, ranging between 15% and 41%, replace the previous 'base' tariffs of 10%. The European Union, Japan, and South Korea face tariffs of 15% on most of their products. In addition, a 25% tariff was imposed on India for buying Russian oil, bringing the total to 50%.

Trump also announced plans for 100% tariffs on all imported microchips and semiconductors, except for companies that manufacture in the US. Microchips are essential for many sectors, including cars, computers, and artificial intelligence.

Meanwhile, Chinese exports to the US fell by 6.1% between June and July.