Sweeping new tariffs imposed by U.S. President Donald Trump have officially taken effect as of midnight Wednesday, targeting goods from over 60 countries, including members of the European Union and the Western Balkans, in a move that is expected to have global economic repercussions.
Shortly after midnight, Trump announced on his Truth Social platform:
“It’s midnight!!! Billions of dollars in tariffs are now flowing into the United States of America!”
The White House confirmed that goods from the targeted countries will now face tariffs of 10% or higher, depending on origin.
Western Balkans Tariffs:
- Serbia: 35%
- Bosnia and Herzegovina: 30%
- North Macedonia: 15%
- Kosovo: 10%
- Montenegro: 10%
Croatia, an EU member state, is also affected, with a 15% tariff applied to its exports to the U.S.
Meanwhile, Kosovo had recently taken a conciliatory step by removing its own 10% customs duty on U.S. goods as of August 1, in what appears to have been a preemptive gesture before the U.S. tariffs took effect.
Global Impact and Key Rates:
- EU, Japan, South Korea: 15%
- Taiwan, Vietnam, Bangladesh: 20%
- Brazil and India: Facing the highest rate at 50%, with India’s rate effective from August 27
- China: Negotiations ongoing; all new tariffs delayed until August 12
- Mexico: Granted a 90-day extension, avoiding a threatened 35% rate
- Canada: Already subject to a 35% tariff since last Friday, with exceptions under USMCA agreements
President Trump said Wednesday afternoon:
“I expect the growth to be unprecedented.”
He claimed the U.S. is earning “hundreds of billions of dollars” from tariffs, though he admitted that “we don’t even know the final number yet”.
Despite the administration’s optimism, industry groups and economists have issued warnings. Small American businesses, in particular, are expected to suffer under the new rules. Experts also caution that the tariffs could fuel inflation and undermine long-term economic growth.
Additional Measures:
- These tariffs are “reciprocal”, aimed at addressing trade practices Washington deems unfair
- They do not apply to certain sector-specific imports such as steel, pharmaceuticals, cars, and semiconductors
- Trump confirmed a planned 100% tariff on semiconductors, though Taiwan’s TSMC will be exempted due to its U.S.-based manufacturing facilities
The latest round of tariffs continues Trump’s aggressive trade agenda since returning to the presidency, signaling a significant shift in global economic policy and escalating international trade tensions.
