A sweeping set of new import tariffs introduced by US President Donald Trump has come into force, impacting more than 90 countries. The measures are part of his aggressive strategy to reshape global trade, with Trump claiming on his Truth Social platform that billions are now flowing into the US thanks to the levies.

India, Brazil, and Switzerland are among those hardest hit, with India facing a 50% tariff unless it halts Russian oil imports by late August. Switzerland, unable to reach a deal with Washington, is facing one of the steepest rates at 39%. Meanwhile, Canada’s tariff was raised to 35% over its alleged failure to stem cross-border drug flows, though the USMCA agreement shields many of its exports.

While some nations – including the UK, Japan, and the EU – have reached partial deals to reduce or avoid higher tariffs, others like Taiwan and Mexico are still in talks. Analysts believe South East Asian economies, particularly those with strong trade ties to China, will feel the biggest impact.

Tech firms have also come under pressure, with Trump threatening a 100% tariff on foreign-made semiconductors. Major players like Samsung and TSMC may be spared after making significant US investments, though uncertainty around exemptions remains.