WASHINGTON (AP) — President Donald Trump began imposing higher import taxes on dozens of countries Thursday just as the economic fallout of his monthslong tariff threats has begun to cause visible damage to the U.S. economy.
Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher. Products from the EU, Japan and South Korea are taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are taxed at 20%. Trump also expects the EU, Japan and South Korea to invest hundreds of billions of dollars in the United States.
“I think the growth is going to be unprecedented,” Trump said Wednesday. He said the U.S. was “taking in hundreds of billions of dollars in tariffs,” but did not provide a specific figure for revenues because “we don’t even know what the final number is” regarding the rates.
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