The formalization of new American customs duties has brought the global scholarships in the red on Friday, even if the postponement of their application on August 7 leads to several countries to negotiate until the last moment with Donald Trump to avoid excessive surcharge.
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By wishing to “restructure global trade for the benefit of American employees” by customs duties ranging from 10% to 41% against some 70 business partners, Washington once again plunges the global economy in great uncertainty.
While some Asian countries are pleased with the agreements found, others, from Canada to Switzerland, are still in shock from these new commercial barriers that are sometimes prohibitive.
The financial markets reacted badly on Friday to this new situation: after Asian and European scholarships, Wall Street was also down on Friday, the Dow Jones backfill by 1.31%, the S&P 500 of 1.55% and the NASDAQ of 1.92% at 10:55 am.
They are increasingly worried about the effects on the economy, especially American, even a new sign of slowdown appeared, with an unemployment rate published slightly on Friday, 4.2% and hires that slow down more than expected.
Donald Trump, a supporter of uninhibited protectionism, signed the implementing decree on Thursday evening by granting a respite of a few days.
These new taxes on imports will take effect, for the most part of the countries, on August 7, and not this Friday, August 1 as an initially expected, in order to allow customs to organize for their collection, ensures the White House.
But this postponement offers a window for final talks, want to believe several countries.
Exemption for key sectors
South Africa is thus engaged in “intensive negotiations”, said its president, Cyril Ramaphosa, faced with the 30% imposed by Washington on his country which threatens, according to the Central Bank, 100,000 jobs.
Taiwan, with its electronic flea industry, is struck by a surcharge of 20% but “will endeavor to obtain a reasonable level of customs duties,” said its president Lai Ching-Te.
Switzerland has been surprised by a surcharge of 39% on its products imported into the United States, a figure much higher than that which strikes the European Union. His government, despite his “great regret”, “always aspires to find a negotiated solution”.
For other countries, no surprises. The surcharge displayed in the decree is that obtained after months of negotiations with Washington which sought to obtain as many concessions as possible, without undergoing reprisals.
The European Union (EU), Japan or South Korea thus see their products taxed up to 15%, and the United Kingdom by 10%. The EU has also obtained an exemption for key sectors, but other surcharges remain in place. Before Donald Trump arrives in power, European goods were taxed on average at 4.8%.
Political measure
Many sectors are worried.
In Germany, that of beer, already loss of speed, fears for its exports, which represent almost a fifth of sales.
In France, the wine sector, which anticipates up to a billion euros in turnover, “hopes to be able to benefit from an exemption,” said Jean-Marie Fabre, one of his representatives.
China, in negotiations with the United States to extend its current commercial truce until August 12, denounced on Friday a protectionism which harms “all parties”.
Mexico, for its part, obtained a suspended 90 days before a possible increase in customs duties.
These customs duties are also a means of political pressure for Donald Trump.
Brazil, guilty in the eyes of Donald Trump to prosecute his far-right ally, former president Jair Bolsonaro, will see his products entering the United States taxed at 50%.
As for Canada, the neighbor and ally of Washington, he learned Thursday evening that the customs duties applied to his products were going from 25% to 35% this Friday, unless they are covered by the free trade agreement between the three countries of North America.
Donald Trump said Thursday that the intention displayed by Ottawa to recognize the state of Palestine made the conclusion of a trade agreement “very difficult”.
Some seem to be satisfied with the agreements, however, concludes, such as Bangladesh, Malaysia or Thailand, where the government speaks of a “win-win approach”.
