US stock indexes fell ahead of a new round of the White House trade war. On Friday, the last relief before the introduction of his so-called "mirror" import tariffs expired. On the same day, the US president signed an executive order for them to take effect on August 7 for trading partners that have not yet struck deals with Washington. Nearly 70 countries were subject to tariffs ranging from 10 to 41 %.
On Friday, large-scale protests took place in 12 Brazilian cities near US diplomatic missions. Donald Trump imposed a 40% tariff on Brazilian imports, on top of the basic 10% tariff in place on imports from all US trading partners. Brazil was among the five countries that received the highest tariff from Washington, only Syria had a higher one with 41 %. The reason cited is not only the trade surplus with the US, but also the criminal proceedings against former President Jair Bolsonaro and the intransigence of the Brazilian leadership.
Alcides Amazonas, protesting at the US consulate in Sao Paulo: "We don't want the US to interfere in the affairs of our country. We have a sovereign state with its own government and constitution, and it must be respected. And those who commit crimes, like Bolsonaro, should be in prison."
The White House accompanied the imposition of the 40% tariff on Brazilian imports with a long list of exemptions. More than 700 product categories, including Embraer aircraft, are exempt. However, the Brazilian Ministry of Development, Industry and Trade estimates that more than a third of Brazilian exports to the US, including coffee and beef, the country's key exports, fall under the new tariff. President Lula da Silva has already promised retaliatory measures if Washington does not ease up on trade pressure.
Vinicius Vieira, associate professor of economics and international relations at the Armando Alvarez Penteado Educational Foundation, says: "The tariffs imposed are a blatant intervention in Brazil's internal process, both legal and political, aimed at moving the country to the right ahead of next year's presidential elections. It is not just about saving Mr Bolsonaro, but also about swaying Brazilian voters to the right of the political spectrum."
On 1 August, the last deadline before Donald Trump's so-called mirror tariffs are imposed on almost all US trading partners expired. Only seven countries managed to conclude agreements with Washington before that date. Most of them managed to reduce the tariffs to 15-20 %. In total, almost 70 countries were affected by the new US tariffs, which will come into force on 7 August. The tariff ranges between 10 and 41 %. Washington's attitude to the decision depends directly not only on it, but also on the size of the economy against which it is applied. Developed countries are strongly opposed, while developing countries are cautious in their assessments.
Swiss President Karin Keller-Sutter: "I spoke to President Trump last night. He is only interested in one thing, and that is the trade deficit. According to his interpretation, the US is losing almost 40 billion a year because of Switzerland. In my opinion, this is absurd. Because if you take into account trade in services, our trade interaction is almost balanced."
South African President Cyril Ramaphosa: "We export steel and aluminium, we export citrus fruits, so we have to negotiate to find a way to reach an agreement." Malaysian Minister of Trade, Investment and Industry Zarful Aziz: "We believe that a mirror tariff of 19 % is fair, given the circumstances, the situation of our neighbours and the world in general." New Zealand Finance Minister Nicola Willis: "I feel that New Zealand has been subjected to a very crude calculation formula that does not take into account our low tariffs on US imports."
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