#us-trade-policy

#us-trade-policy

California governor Gavin Newsom has reacted to the PlayStation 5 price hike in the US, jokingly thanking US President Donald Trump for making it happen via his controversial tariff strategy. Re-sharing a news story about the PS5 price hike, Newsom, a Democrat, posted on social media, "Great work, Donald Trump!!" On August 20, Sony announced a price hike for the PS5 in the US, with all models of the console going up by $50 effective today, August 21.

President Trump announced a 100 percent import tariff on chips but companies manufacturing in the US can qualify for exemptions. Companies not fulfilling production promises will face full tariffs retroactively.

The Trump administration highlighted a shift in the US ice cream trade balance, pointing to a deficit of $40.6 million under Biden compared to a surplus in 2020.

Around 86 per cent of the value of Canada's exports to the U.S. have the potential to qualify for the CUSMA exemption and cross the border without tariffs.

Malaysia's Ministry of Investment, Trade and Industry has enforced new export restrictions on U.S. AI chips, requiring a 30-day notification for exporting or transshipping.

Trump announced additional tariffs, targeting six countries with rates ranging from 20% to 30%, igniting concerns over escalating trade tensions.

Donald Trump threatened to impose 17% tariffs on food and farm produce exports from Europe, impacting products like chocolate, butter, and olive oil.

The 40% tariff on transshipped goods suggests that even if tariffs on China are eventually reduced, they're unlikely to fall below that threshold.

Trump announced a 20 percent tariff on Vietnamese goods, reducing it from an initial 46 percent threat, relieving many in Vietnam reliant on U.S. exports.

The U.S. will impose a 20% tariff on Vietnamese exports, while goods transshipped through Vietnam face a 40% levy, changing trade dynamics significantly.

BYD is halting plans to build a major factory in Mexico due to concerns about US trade policies. Geopolitical issues have a big impact on the automotive industry. Now everybody is rethinking their strategy in other countries.

"If current trends hold, average global growth for the 2020s would reach just 2.5 per cent - making this the worst-performing decade for the world economy since the 1960s."

Despite the uncertainty, markets took the ruling as a sign that the most extreme tariff measures may not materialise, leading to a positive response from investors.

Internal messages seen by The Post suggest that US embassies and the State Department are encouraging countries to make way for US satellite internet services like Starlink.

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