In a significant move impacting global trade, US President Donald Trump has announced the imposition of new tariffs on imports from between 10 and 12 countries.
The tariffs will range from 60% to 70% in the highest bracket, with additional tariffs set at levels between 10% and 20%.
The formal notification process regarding these tariffs is scheduled to commence this Friday.
The new tariff regime is slated to take effect on August 1.