Trump says tariffs now bringing ‘billions’ into the U.S. as they take effect

More tariffs, more tension — President Donald Trump has triggered a sweeping new round of import duties, hitting 69 countries and pressurising major economies. The move comes as he celebrated his excitement on Truth Social late Wednesday about the billions of dollars expected to flow into the U.S.

On Thursday, 7 August, higher tariffs officially took effect as U.S. Customs and Border Protection began collecting the increased duties. 

Reuters

The tariffs, which range from 10% to 50%, are part of Trump’s broader strategy to lower the U.S. trade deficit while seeking to avoid major supply chain disruptions, inflation spikes, and retaliatory measures from trade partners.

Goods already in transit before the midnight deadline can still enter the U.S. under previous, lower tariff rates if they arrive by 5 October, according to a recent CBP advisory.

This tariff plan follows weeks of intense negotiations and speculation. While many imports faced a 10% base duty since April, the rates have now been significantly increased—50% on goods from Brazil, 39% from Switzerland, 35% from Canada, and 25% from India.

Additionally, Trump announced a separate 25% tariff on Indian goods set to begin in 21 days, citing India’s continued purchases of Russian oil as the justification for this targeted tariff.

New tariffs

Meanwhile President Trump has said he will impose a tariff of about 100% on imports of semiconductors but offered up a big exemption - it will not apply to companies that are manufacturing in the U.S. or have committed to do so.

The move is part of Trump's efforts to bring manufacturing back to the United States, and his remarks on Wednesday were made in tandem with an announcement that Apple, would be investing an additional $100 billion in its home market.

The comments were, however, not a formal tariff announcement, and much remains unclear about how companies and countries around the world will be impacted.

Trump's mention of the proposed 100% rate for chips came in just ahead of U.S. levies of 10% to 50% kicking in on Thursday for many goods from dozens of trading partners. Rates on semiconductors and other key tech goods have been the subject of a U.S. national security probe - the results of which are expected to be announced by mid-August.

Trump's Wednesday remarks produced an immediate flurry of reactions from concerned countries and business lobbies.

South Korea's top trade envoy said on Thursday that major chipmakers Samsung Electronics and SK Hynix will not be subject to 100% tariffs, and South Korea will have the most favourable levies on semiconductors under a trade deal between Washington and Seoul.

Samsung and SK Hynix declined to comment.

On the other end of the spectrum, the president of the Philippine semiconductor industry, Dan Lachica, said Trump's plan would be "devastating" for his country.

In Malaysia, which is a big player in chip testing and packaging globally, trade minister Tengku Zafrul Aziz warned parliament his country "will risk losing a major market in the United States if its products become less competitive as a result of the imposition of these tariffs."

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