By Safe Investment August 2, 2025
The global economy may face a major challenge after US President Donald Trump's announcement to impose tariffs on many countries of the world. US trade partners have started preparing to deal with the possible losses from tariffs. The South African government is finalizing a package to provide assistance to companies that will be affected by the 30 percent tariff announced by Trump.
AP, Washington. The global economy may face a major challenge after US President Donald Trump announced imposing tariffs on many countries of the world. US trading partners have started preparing to deal with the possible losses from the tariffs.
South Africa preparing package
The South African government is finalising a package to aid companies that will be affected by the 30 per cent tariff announced by Trump. President Cyril Ramaphosa said his country would continue talks with the US government regarding the tariffs.
Thailand's Finance Minister Pichai Chunhavajira said the 19 percent tariff rate imposed by the US reflects the strong friendship between the two countries. Thailand had previously announced a 36 percent tariff.
Norwegian officials still in talks with Washington
Norwegian Prime Minister Jonas Gahr Store said Norwegian officials were still in talks with Washington. Norway has been hit with an estimated 15 percent tariff, while Switzerland was stunned when it learned it had been hit with a 39 percent tariff, up from Trump's 31 percent tariff proposed in April. The Swiss government said officials would continue to try to find a negotiated solution.
Malaysia's trade ministry said the US cut in tariffs from 25 percent to 19 percent was a "significant achievement". Australia's trade minister Dan Farrell said the 10 percent tariff rate was proof of positive talks. New Zealand officials said they would ask the US to change the 15 percent tariff announced for New Zealand exporters.
The Trump administration had imposed a 32 percent tariff on Taiwan
Taiwanese President Lai Ching-te has expressed hope that the final tariff rate will be reduced even further after the last round of talks. The Trump administration had imposed a 32 percent tariff on Taiwan, and on Thursday reduced it to 20 percent.
Japan's Chief Cabinet Secretary Yoshimasa Hayashi welcomed the tariff decision for Japan. Hayashi acknowledged that Japan's new tariff rate of 15 percent is a "big reduction" from the initially implemented rate of 25 percent.
Cambodia to impose zero tariff on all US goods
Cambodia's Prime Minister Hun Manet has thanked Trump for reducing the tariff, while Cambodia's Deputy Prime Minister Son Chanthol said that his country will impose zero tariff on all US goods. When Washington released its list of "reciprocal" tariffs in April, the tariff rate on goods coming from Cambodia was 49 percent.
US has imposed 20 percent tariff on Sri Lankan exports
The US has announced a 20 percent tariff on Sri Lankan exports. Top government negotiator Harshana Suriyapperuma said, we are at the same level as our competitors. The new trade tariff will open up opportunities for Sri Lanka in other areas such as technology transfer and investment. In April, Trump imposed a 44 percent tariff on Sri Lankan goods.
Bangladesh lauds 20 percent US tariff
Bangladesh has welcomed the outcome of trade talks with the US. After talks with Washington, the US will now impose a 20 percent tariff on Bangladesh. Bangladesh's National Security Advisor and chief negotiator Khalilur Rahman said, we negotiated to ensure that our commitments are in line with national interests. According to the statement, the reduction in tariffs is good news for the garment sector and millions of people dependent on it.
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