Trump Tariffs Now in Effect

US President Donald Trump’s sweeping new tariffs on more than 90 countries around the world have come into effect.

Just before the deadline for deals to be agreed to cut or avoid the import taxes, Trump posted on his Truth Social platform that billions of dollars were now flowing into the US due to tariffs.

The president hit India with a 50 per cent tariff, which will take effect on August 27, unless it stops buying Russian oil.

Trump also threatened a 100 per cent tariff on foreign-made computer chips as he pushes tech firms to invest in the US.

The threat came as Apple announced a new US$100 billion investment after coming under pressure from the White House to move more production to America.

Last week, the Trump administration announced a revised list of import taxes on dozens of trading partners and extended a deadline for countries to reach agreements with the US to August 7.

Countries have been racing to strike deals with Washington to lower, or scrap, what Trump calls reciprocal tariffs.

His trade policies are aimed at reshaping the global trading system, which he sees as treating the US unfairly.