The United States began charging higher tariffs on goods from dozens of trading partners Thursday, in a major escalation of President Donald Trump’s drive to reshape global commerce in America’s favor.Shortly before the new levies kicked in, Washington separately announced it would double Indian tariffs to 50 percent and hit many semiconductor imports from around the world with a 100-percent levy.As an executive order signed last week by Trump took effect, US import duties rose from 10 percent to levels between 15 percent and 41 percent for a list of trading partners.Many imports from economies including the European Union, Japan and South Korea now face a 15-percent tariff, even with deals struck with Washington to avert steeper threatened levies.But others like India face a 25-percent duty — to be doubled in three weeks to 50 percent — while Syria, Myanmar and Laos face staggering levels at either 40 percent or 41 percent. Switzerland’s government, which failed to convince Trump not to impose a stinging 39-percent tariff, was set to hold an extraordinary meeting later Thursday.Taking to his Truth Social platform just after midnight, Trump posted: “IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!”The latest wave of “reciprocal” duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency.- ‘No charge’ -On the eve of his latest salvo, he doubled planned duties on Indian goods to 50 percent, citing New Delhi’s continued purchase of Russian oil. The new levy — up from 25 percent now — would take effect in three weeks.The Federation of Indian Export Organisations called the move a “severe setback for Indian exports, with nearly 55 percent of our shipments to the US market directly affected.”For New Delhi, one of the main sticking points has been Washington’s demand to access India’s vast agricultural and dairy market. “We will not compromise with the interests of our farmers, our dairy sector, our fishermen,” Prime Minister Narendra Modi said Thursday.Trump’s order also threatened penalties on other countries that “directly or indirectly” import Russian oil, a key revenue source for Moscow’s war in Ukraine.Washington has already separately stuck tariffs on sector-specific imports such as steel, autos and pharmaceuticals. Trump said Wednesday he also planned an “approximately 100 percent tariff” on semiconductor imports, but with “no charge” for companies investing in the United States or committed to do so.Shares in Taiwanese chip-making giant TSMC surged as Taipei said it would be exempt, but some other Asian manufacturers took a beating.Companies and industry groups warn the new levies will severely hurt smaller American businesses, while economists caution that they could fuel inflation and hit growth.With the dust settling on countries’ tariff levels, at least for now, Georgetown University professor Marc Busch expects US businesses to pass along more of the bill to consumers.- ‘This will matter’ -An earlier 90-day pause in these higher “reciprocal” tariffs gave importers time to stock up, he said.But although the wait-and-see strategy led businesses to absorb more of the tariff burden initially, inventories are depleting and it is unlikely they will do this indefinitely, he told AFP.”With back-to-school shopping just weeks away, this will matter politically,” said Busch, an international trade policy expert.The tariffs leave lingering questions for partners that have negotiated deals with Trump recently.Tokyo and Washington, for example, appear at odds over key details of their pact, in particular on when lower levies on Japanese cars will take place.Generally, US auto imports now face a 25-percent duty under a sector-specific order. Toyota has cut its full-year profit forecast by 14 percent because of the tariffs.Japan and the United States also appear to differ on whether the “reciprocal” tolls of 15 percent on other Japanese goods would be on top of existing levies or — like the EU — be capped at that level.China and the United States, meanwhile, currently have a shaky truce in their standoff but that is due to expire on August 12.Chinese exports to the United States tumbled 21.7 percent last month, official data showed, while those to the European Union jumped 9.2 percent and to Southeast Asia by 16.6 percent.The EU is seeking a carveout from tariffs for its key wine industry.In a recent industry letter addressed to Trump, the US Wine Trade Alliance and others urged the sector’s exclusion from tolls, saying: “Wine sales account for up to 60 percent of gross margins of full-service restaurants.”Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup.US tariffs on various Brazilian goods surged from 10 percent to 50 percent Wednesday, but broad exemptions including for orange juice and civil aircraft are seen as softening the blow. Still, key products like Brazilian coffee, beef and sugar are hit.burs-stu/dan

Apple will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years, US President Donald Trump said Wednesday.Trump announced the increased commitment at the White House alongside the tech giant’s CEO Tim Cook, calling it “the largest investment Apple has made in America.” “Apple will massively increase spending on its domestic supply chain,” Trump added, highlighting a new production facility for the glass used to make iPhone screens in Kentucky.In February, Apple said it would spend more than $500 billion in the United States and hire 20,000 people, with Trump quickly taking credit for the decision. It builds on plans announced in 2021, when the company founded by Steve Jobs said it would invest $430 billion in the country and add 20,000 jobs.”This year alone, American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states,” Cook said in the Oval Office.Trump, who has pushed US companies to shift manufacturing home by slapping tariffs on trading partners, claimed that his administration was to thank for the investment.”This is a significant step toward the ultimate goal of… ensuring that iPhones sold in the United States of America also are made in America,” Trump said. Cook later clarified that, while many iPhone components will be manufactured in the United States, the complete assembly of iPhones will still be conducted overseas.”If you look at the bulk of it, we’re doing a lot of the semiconductors here, we’re doing the glass here, we’re doing the Face ID module here… and we’re doing these for products sold elsewhere in the world,” Cook said.He gifted Trump a custom-engraved glass piece made by iPhone glassmaker Corning, set in a 24-karat gold base.Cook said the Kentucky-made glass piece was designed by a former Marine Corps corporal now working at Apple. After receiving it, Trump said it was “nice” that “we’re doing these things now in the United States, instead of other countries, faraway countries.”- ‘They’re coming home’ -Trump has repeatedly said he plans to impose a “100 percent” tariff on imported semiconductors, a major export of Taiwan, South Korea, China and Japan. “We’re going to be putting a very large tariff on chips and semiconductors,” he told reporters at the White House.Taiwanese giant TSMC — the world’s largest contract maker of chips, which counts Nvidia and Apple among its clients — would be “exempt” from those tariffs as it has factories in the United States, Taipei said Thursday. While he did not offer a timetable for enactment of the new tech levies, on Tuesday, he said fresh tariffs on imported pharmaceuticals, semiconductors and chips could be unveiled within the coming week.The United States is “going to be very rich and it’s companies like Apple, they’re coming home,” Trump said.Trump specified further that “Apple will help develop and manufacture semiconductors and semiconductor equipment in Texas, Utah, Arizona and New York.” He noted that if tech companies commit to manufacturing their wares in the United States, “there will be no charge.”Apple reported a quarterly profit of $23.4 billion in late July, topping forecasts despite facing higher costs due to Trump’s sweeping levies.

Asian equities rose Thursday as investors looked past Donald Trump’s threat to impose 100 percent tariffs on semiconductors, with optimism still high that the Federal Reserve will slash interest rates next month.A day before sweeping tariffs came into effect on dozens of countries, the US president said Washington would also be placing a “100 percent” tariff on chips and semiconductors but he did not offer a timetable.However, he said “the good news for companies like Apple is, if you’re building in the United States, or have committed to build… in the United States, there will be no charge”.Stock gains were led Thursday by Taiwan’s giant TSMC, which surged almost five percent, with the island’s National Development Council chief Liu Chin-ching saying the firm was in the clear.”Because Taiwan’s main exporter is TSMC, which has factories in the United States, TSMC is exempt,” he told a briefing in parliament.TSMC, which is ramping up manufacturing in Arizona, has pledged to invest as much as $165 billion in the United States.Seoul-listed Samsung, which is also pumping billions into the world’s number one economy, rose more than two percent while South Korean rival SK hynix was up more than one percent.Apple-linked firms were helped after the US giant said it would invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years.However, Japanese trade Tokyo Electron, a major producer of chipmaking equipment, plunged more than two percent, while chipmaker Renesas sank 3.8 percent.Precision tools maker Disco Corporation gave up 1.8 percent.Sony soared 4.1 percent after the PlayStation-maker raised its annual profit forecasts, citing strong performance in its key gaming business and a smaller-than-expected negative impact of US trade tariffs.- Tariff talks -Analysts said that while the chip threat was steep, there was optimism the final level would be lower.”The figure fits Trump’s approach of ‘open high, negotiate down’ and the final figure could be similar to reciprocal tariffs to limit inflation in consumer goods — given that many have chips,” said Morningstar’s Phelix Lee.Trump’s remarks came hours before his sweeping “reciprocal” tariffs kicked in Thursday against trading partners, and after he doubled his levy on India to 50 percent over its purchase of Russian oil.Fifty percent tolls on Brazilian goods came into place Wednesday.Asian markets extended their recent run-up following a strong day on Wall Street, where Apple jumped more than five percent and Amazon piled on four percent.Tokyo, Hong Kong, Singapore, Seoul, Bangkok, Jakarta and Wellington were all in the green, with Taipei leading the way thanks to the surge in TSMC.Shanghai finished on a positive note after data showed Chinese exports rose more than expected, with a surge in shipments to the European Union and Southeast Asian nations offsetting a more than 20 percent plunge in those to the United States.Imports also climbed, providing a boost to efforts to kick-start the Chinese economy.Mumbai fell, along with Sydney and Manila as well as London. Paris and Frankfurt edged up.Traders had already been on a buying streak on optimism the Fed will cut rates after data last week showing US jobs creation cratered in May, June and July, signalling the economy was weakening. US futures rose.Oil prices also rose after Trump threatened penalties on other countries that “directly or indirectly” import Russian oil, after imposing his extra toll on India.Traders are keeping tabs on developments regarding Moscow and its war in Ukraine after the US president said he could meet with Vladimir Putin “very soon”. That followed what he called highly productive talks between his special envoy and the Russian leader.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.7 percent at 41,059.15 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,081.63 (close)Shanghai – Composite: UP 0.2 percent at 3,639.67 (close)London – FTSE 100: DOWN 0.4 percent at 9,129.05 Euro/dollar: UP at $1.1692 from $1.1659 on WednesdayPound/dollar: UP at $1.3376 from $1.3358Dollar/yen: DOWN at 146.89 yen from 147.38 yenEuro/pound: UP at 87.41 pence from 87.23 penceWest Texas Intermediate: UP 0.7 percent at $64.79 per barrelBrent North Sea Crude: UP 0.6 percent at $67.28 per barrelNew York – Dow: UP 0.2 percent at 44,193.12 (close)