Around 70 countries hit with new round of Trump tariffs

Tariff Impact - New tariffs impacting approximately 70 countries worldwide have taken effect [1] - Brazil and India face tariff rates of 50% and 25% respectively, with India's rate set to rise to 50% by the end of the month [1] - Other countries face tariffs ranging from 15% to 35% [1] Economic Implications - American companies will initially bear the burden of these tariffs on goods entering the US, such as through ports in Long Beach and Los Angeles [2] - Companies will decide whether to absorb the tariff costs or pass them on to American consumers through higher prices [2] - The US government has collected approximately $30 billion in tariff revenue as of July [2] - It is suggested that American companies, and potentially consumers, are paying these tariffs [3] - Price increases on goods ranging from clothing from Vietnam to coffee from Brazil are expected to become noticeable to consumers within months [3]