The Trump administration’s just-announced tariff rates of 10% and higher for about 90 countries is leaving business groups normally in his corner divided on the probable outcome.
The new tariff rates, impacting countries in every region and continent of the world, are hitting levels not seen in nearly a century, prompting foreign leaders in some of the hardest hit places, reports the New York Times, to try to “contain the damage and convince Washington to ease its escalating trade brinkmanship.”
“Billions of dollars are now flowing into the United States of America,” an exuberant Trump proclaimed in a statement, additionally remarking: “I think the growth is going to be unprecedented.”
The President also said that “tariffs are flowing into the USA at levels not thought even possible.”
Trump had initially announced his tariff plans in early April, but shortly thereafter imposed a 90-day extension. What was then an early July tariff deadline was ultimately extended to August 7.
While all imports under the President’s policy face at least a 10% tariff, individual countries are looking at higher rates, with the rate for Syria set at 41%, Indonesia and Thailand at 19% each; and the European Union, Japan, and South Korea all subject to a 15% fee.
The dramatic imposition of the new tariffs has sparked widespread concern across the U.S. business community. In a statement, Neil Bradley, executive vice president of the U.S. Chamber of Commerce, remarked that domestic price increases will “inevitably follow these unprecedented tariff levels,” making the “cost of living and shopping for everyday essentials more expensive.”
David French, executive vice-president of government relations with the National Retail Federation, predicted that the higher tariffs will “hurt Americans, including consumers, retailers and their employees, and manufacturers.”
Other responses have suggested ambiguity: “We are now in a new world,” Chad Brown, a senior fellow at the Peterson Institute for International Economics, remarked to the Financial Times. “Even to trade nerds, the complexity of this is just bonkers.”
The President has additionally remarked that he will soon announce new tariffs on semiconductor and pharmaceutical imports. The semiconductor tariffs may hit the 100% mark, while the imports on pharmaceuticals may go as high as 250%.
Charging that other countries have “made a fortune” on pharmaceutical exports to the U.S., Trump said the tariffs he has in mind may go to 150% between now and late 2026. “And then it’s going to go to 250% because we want pharmaceuticals made in our country.”
August 8, 2025
By Garry Boulard
Photo courtesy of Unsplash
