New US tariffs come into effect, up to 10 percent for Montenegro

US President Donald Trump's administration's tariffs on imports from dozens of countries, ranging from 10 to 50 percent, have taken effect, putting Republicans' strategy to the test of reducing the trade deficit.

Tariffs mean that companies that bring foreign goods into the U.S. will have to pay taxes to the government, and experts say those companies could pass the costs on to consumers.

"It's midnight!!! Billions of dollars in tariffs are now pouring into the United States of America," Trump said on social media minutes before the new tariffs went into effect at midnight in Washington.

Among 90 countries in the world, new tariffs are also applied to the Western Balkan countries in percentages:

Serbia 35 percent, Bosnia and Herzegovina 30 percent, North Macedonia 15 percent, Kosovo 10 percent and Montenegro 10 percent.

There is also Croatia, a member of the European Union, whose products will be subject to a 15 percent customs duty when imported into the US.

Eight major trading partners, accounting for 40 percent of US trade, have reached framework agreements with Washington, including the European Union (EU), Japan and South Korea. They have secured a base rate of 15 percent.

The UK agreed to 10 percent, and Vietnam, Indonesia and the Philippines between 19 and 20 percent.

At the same time, Brazil faces one of the highest US tariff rates in the world, with a rate of 50 percent, which applies to most goods.

India will also be hit by the 50 percent rate, which comes into effect on August 27.

When it comes to China, negotiations are still ongoing, and both Washington and Beijing have agreed to postpone all new tariffs until August 12th.

Mexico also received a reprieve as Trump said it would charge at current rates for another 90 days, avoiding a threatened increase to 35 percent.

Canada already faces a 35 percent tariff, which took effect last Friday, although most goods are exempt under the U.S.-Mexico-Canada trade agreement.

U.S. Customs and Border Protection (CBP) began collecting higher tariffs on August 6 at 00.01:XNUMX a.m. Eastern Time, after weeks of uncertainty about the final percentage of Trump's measures and accelerated negotiations with countries around the world that wanted to lower them.

Products loaded onto U.S. ships and those in transit before midnight can continue to enter the U.S. without new measures until Oct. 5, CBP announced earlier this week.

Imports from many countries were previously subject to a base rate of 10 percent after Trump paused higher tariffs announced in early April. But the US president has frequently changed his plans since then, imposing higher rates on some countries.

Trump has promoted the tariffs as a way to reduce a persistent trade deficit. But importers have sought to avoid the taxes by importing more goods before the new tariffs took effect, according to the AP.

As a result, the trade deficit of $582,7 billion for the first half of the year was 38 percent larger than in 2024. Overall construction spending fell 2,9 percent over the past year, and factory jobs promised by Trump have so far resulted in job losses.