Trump's tariffs come into effect: Which countries are affected?

New US tariffs came into effect for dozens of countries, including Serbia, on August 7th.

President Donald Trump announced them in late July, along with 35 percent tariffs on Canada that went into effect on August 1.

New comprehensive US tariffs have been imposed on more than 90 countries around the world.

"It's midnight! Billions of dollars in tariffs will now be pouring into the coffers of the United States of America," Trump wrote on social media minutes after the clock struck 00:00 Washington time.

On Wednesday, August 6, Trump announced special tariffs on India of 50 percent, which will take effect on August 27, if it does not stop buying Russian oil by then.

Trump has also threatened 100 percent tariffs on foreign-made computer chips as an incentive for technology companies to invest in the US.

Previously, tech giant Apple (Apple ) announced a new $100 billion investment in the US, succumbing to pressure from the White House to move more of its production to America.

Since returning to the White House in January of this year, Trump has argued that tariffs boost American manufacturing and protect jobs.

However, his volatile, unstable international trade policies have thrown the global economy into chaos, and numerous companies have raised prices for American consumers as a result.

Which countries are the most affected and how did the Balkans fare?

Excluding China and potentially India, the countries most affected by Trump's new move are Southeast Asian countries, whose economies are most dependent on exports.

Among those countries are Laos and Myanmar, which face tariffs of 40 percent.

Some experts speculate that Trump was targeting countries with close trade ties with China.

From the Balkan countries, Serbia fared the worst., which has been subject to tariffs of 35 percent.

Bosnia and Herzegovina faces 30 percent tariffs, and North Macedonia

Croatia and Slovenia, as members of the European Union, have the same customs duties as the rest of the European bloc - 15 percent.

This also applies to Bulgaria, Romania, Greece and Hungary.

From this region, Montenegro, Kosovo and Albania fared best - they were assigned 10 percent customs duties.

Since April, when Trump initially announced the imposition of higher tariffs on most countries in the world, many of them have been racing to reach agreements with Washington to mitigate or avoid them altogether.

Some major economies, including the UK, Japan and South Korea, have previously reached agreements on lower tariffs.

The European Union also reached a framework agreement with Washington, in which Brussels accepted 15 percent tariffs on exports of goods.

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What are customs duties and how do they work?

Customs duties are taxes on imported goods.

Customs duty is a percentage of the price of an item and is charged to the company importing it, instead of the exporter.

A 10 percent tariff means that a $10 product has a tax of $11, increasing the total cost to the importer to $XNUMX.

For example, if a company imports cars at a price of $50.000 each, and a 25 percent tariff is in effect, it will have to pay $12.500 for each imported car.

If American importers want to avoid tariff costs by raising the retail price, American consumers will be the ones who bear the economic burden.

Companies that import foreign goods into the US must pay taxes to the government.

They can pass on some or all of the additional costs to customers.

Firms may also decide to import fewer goods.

In late May, the US Trade Court ruled that Trump did not have the authority to impose some of the tariffs he had announced, because he did so under national emergency powers.

But the next day, The appeals court overturned that ruling. and announced that the tariffs remain in effect until a final court resolution.

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Why did Trump resort to increasing tariffs?

Trump says the tariffs will encourage American consumers to buy more U.S.-made goods, increase the amount of taxes collected and encourage investment.

He wants to reduce the difference between the value of goods the US buys from other countries and those it sells to them, known as the trade deficit.

He claims that they are "fraudsters," as he calls them, abused the US, and that foreigners were "robbing" America.

The US president has announced various tariffs on imports of certain goods and products from individual countries.

Many of them have been modified, postponed or canceled altogether.

Critics accuse Trump of making dramatic and sometimes contradictory policy statements as a negotiating tactic to encourage trading partners to agree to agreements that benefit the US.

What tariffs have already been imposed on some countries?

Some of the initial tariffs targeting China, Canada, and Mexico were subsequently amended, increased, or postponed.

On April 2, Trump announced that a "base tariff" of 10 percent would apply to all imports of goods from all countries.

He said goods from about 60 other trading partners, described by the White House as "the worst offenders," including the European Union and China, would face higher tariffs in retaliation for unfair trade policies.

These "reciprocal" tariffs were then delayed for 90 days to allow time for negotiations on individual trade agreements, and the deadline was then extended until August 1.

A few days before the deadline of August 1st, The US and the EU have agreed that European goods will face tariffs of 15 percent, including for cars.

Under the agreement, the economic bloc will not charge American companies any tariffs on certain products.

What customs duties apply to certain goods?

Taxes on goods exported to the US include:

• 50 percent tariffs on steel and aluminum imports
• 50 percent customs duty on copper imports from August 1
• 25 percent tariffs on foreign-made cars, imported engines and other auto parts

On July 8, Trump threatened to impose a 200 percent tariff on pharmaceutical imports, but no further details have been confirmed.

He also said that a global tariff exemption covering goods worth $800 or less will expire on August 29.

He has already abolished the so-called "de minimis"an exemption for products from China and Hong Kong, to limit American purchases of cheap clothing and home goods from shopping sites like Shein and Teemu."

This will affect employees in various Chinese companies.

Other customs rates that will apply from August 7 include:

• 50 percent tariffs on goods from Brazil
• 25 percent tariffs, plus "unspecified penalty" on goods from India
• 20% tariffs on Vietnamese goods
• 19 percent tariffs on goods from Indonesia
• 19 percent tariffs on Philippine goods
• 15% tariffs on Japanese goods
• 15% tariffs on South Korean goods

All of this could have a significant impact on the wages and employment rates of people working in industries in these countries.

A 35 percent tariff also applies to all Canadian goods in addition to existing tariffs from August 1.

This excludes products covered by the existing North American Free Trade Agreement (NAFTA) between Canada, the US and Mexico.

However, Trump delayed the imposition of higher tariffs on products from Mexico for another 90 days, to give time to reach an agreement.

Previously, Trump threatened a 30 percent or higher rate to match any retaliatory tariffs imposed on imports from the US.

Trade negotiations between the US and China are ongoing.

The two countries raised tariffs on each other's goods by more than 100 percent before temporarily lowered rates for a period of 90 days.

That deadline expires on August 12th.

Senior US and Chinese officials held a meeting in late July in an attempt to extend the deadline.

Chinese trade negotiator Li Chenggang said that Beijing and Washington agreed to continue the trade "truce".

Trump first announced 'punitive tariffs' on China, which at one point reached 145 percent.

They have since fallen to 30 percent, but they have had a significant impact on China's trade with the US - and the people who make a living from these industries.

In response to Trump's tariffs, but even before these measures, some countries were turning to other markets and strengthening mutual economic cooperation and trade.

For example, China has traditionally been a significant global importer of soybeans from the US, which it uses as feed for 440 million pigs.

But in recent years, Beijing has turned to buying soybeans from Brazil, rather than the US.

Analysts say this trend has accelerated as a result of the trade war initiated by Trump.

Experts from Yale University estimate that, as of July 28, 2025, the average effective tariff rate imposed by the US on imported goods was 18,2 percent - the highest since 1934.

That's up from 2,4 percent in 2024, before Trump returned to the White House, which led to a surge in U.S. government customs revenue.

How are world stock markets reacting to Trump's tariffs?

Trump's various announcements have caused instability on global stock markets, where companies trade their shares.

However, markets have been more stable recently.

Many people are affected by changes in stock prices, even if they do not invest directly in stocks, because of the consequences on pensions, jobs and interest rates.

The value of the US dollar, usually considered a safe haven currency, has occasionally fallen sharply.

The International Monetary Fund (IMF) and the influential Organization for Economic Cooperation and Development (OECD) have lowered their previous forecasts for global economic growth in 2025 as a result of the tariffs.

Both organizations expect the US economy to be hit hard.

The latest data shows that the US economy grew at an annual rate of three percent between April and June 2025, after contracting in the first three months of the year.

The US president insists his trade policy is working, but influential voices within his Republican Party have joined opposition Democrats and foreign leaders in criticizing the imposition of heavy tariffs.

Are goods getting more expensive in America?

Analysts say the tariffs are already affecting the overall inflation rate in the US, as they are increasing the costs of many businesses.

Prices of some goods, such as clothing, coffee, toys and household appliances, rose by 2,7 percent through June.

Adidas announced that it would increase prices for American customers as a result of the tariffs.

Nearly half of the company's products are made in Vietnam and Indonesia, which face tariffs of 20 percent and 19 percent.

American sportswear manufacturer Nike also announced price increases in the US, warning that tariffs could increase its costs by up to $1 billion.

Mattel, the company that makes Barbie dolls, imports goods from China and also plans to charge more in the US.

Some companies are choosing to import fewer foreign goods, which could make available products more expensive.

The cost of goods manufactured in the US using imported components is also expected to rise.

For example, car parts typically cross the borders of the US, Mexico and Canada multiple times before the vehicle is fully assembled.

The new tariffs have also led to stricter customs checks at the US border, which means delays for truck drivers and other importers.

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