Washington, United States (Enmaeya News) — U.S. President Donald Trump has rolled out major new tariffs on dozens of trading partners, shaking global markets and worrying European producers already struggling with rising costs.
Trump’s latest tariff policy, passed under emergency powers, will apply import taxes between 10% and 50% on exports from 69 countries. Most European goods will now face a 15% tariff when entering the United States — the highest trade barriers seen since the 1930s.
“Companies are waking up to the fact that we’re dealing with a historically higher tariff rate,” said Andrew Wilson, Deputy Secretary General of the International Chamber of Commerce. “The complexity of doing business with the U.S. has gone to levels nobody could have imagined.”
The White House says the tariffs aim to fix trade imbalances, protect U.S. industry, and support national security. But global markets reacted fast. Asian stock markets are having their worst week since April. In Europe, the STOXX 600 index dropped nearly 1% on Friday, the third day of losses in a row.
U.S. Commerce Department data shows that consumer prices are starting to rise. In June, home furnishings and durable household equipment went up by 1.3% — the biggest jump since March 2022. Prices for recreational goods and vehicles rose 0.9%, and clothing and footwear increased by 0.4%.
European Wine, Perfume, and Luxury Brands Feel the Heat
In France and Germany, industries such as winemaking and perfume production are already feeling the pressure.
In Germany’s Moselle Valley, winemaker Johannes Selbach said the impact is deep on both sides of the Atlantic. “The tariffs hurt the Americans, and they hurt us,” he said. “Thousands of families who produce wine in Europe and thousands in the U.S. wine trade depend on the flow from both sides.”
Champagne producers in France are also struggling. “We don’t have the option of relocating champagne vines elsewhere in the world,” said Hugo Drappier of Champagne Drappier. While he was relieved the rate dropped from a proposed 30% to 15%, he said some shipments to the U.S. have already been delayed.
In Marseille, Laurent Cohen, head of the family-owned perfume company Corania, said the new tariffs are forcing his business to find new ways to survive. “With 15% customs duty on our affordable perfume products, we will now have to show immense creativity to keep going in the U.S. market.”
Luxury brands may be able to raise prices, but smaller businesses don’t have that flexibility. Many can’t afford to shift production or absorb losses. According to Reuters’ global tariff tracker, at least 99 of nearly 300 tracked companies—mostly European—have already increased their prices.
Global Impact: Canada, Brazil, India, Taiwan, and Others Targeted
The new tariffs also affect several countries outside Europe. According to Trump’s executive order, the U.S. will impose new rates: 35% on many goods from Canada, 50% from Brazil, 25% from India, 20% from Taiwan, and 39% from Switzerland. Goods from countries not listed will face a base 10% tax unless shipped within the next week.
Another order increased tariffs on Canadian goods tied to the fentanyl crisis—from 25% to 35%—accusing Canada of not doing enough to stop the drug flow. Canadian Prime Minister Mark Carney called the move “disappointing” and said Canada will keep working to protect jobs and expand exports.
Mexico, meanwhile, received a 90-day delay on a planned 30% tariff for many non-automotive and non-metal goods. The delay came after a phone call between Trump and Mexican President Claudia Sheinbaum. However, Trump said the U.S. will keep a 50% tariff on Mexican steel, aluminum, and copper, and a 25% tariff on Mexican vehicles and other goods that don’t follow USMCA trade rules.
India was hit with a 25% tariff after trade talks broke down over access to its agricultural sector. Trump also warned of penalties related to India’s purchase of Russian oil, which led to public anger from Indian opposition parties and a drop in the rupee. The Indian government promised to protect its farmers.
Brazil was hit with a 50% tariff, which the U.S. said was a response to the legal prosecution of former Brazilian President Jair Bolsonaro. However, the U.S. spared several key sectors like aircraft, energy, and orange juice.
Switzerland said it will try to negotiate with the U.S., and Taiwan’s President Lai Ching-te called the 20% tariff “temporary,” saying he hopes it can be reduced. South Africa’s Trade Minister Parks Tau said he is working on practical steps to reduce the harm from a new 30% U.S. tariff on South African goods.
Tensions Grow Over Legal Grounds and Supply Chains
Trump’s orders use the 1977 International Emergency Economic Powers Act, claiming a national emergency caused by trade deficits and the fentanyl crisis. But some U.S. federal judges have questioned whether this law can be used to justify these tariffs.
The administration says more trade deals may come soon. Officials also plan to release rules about “origin,” which will help determine which goods qualify for exemptions or face higher tariffs.
For now, many businesses are facing delays and making tough decisions. The International Chamber of Commerce reported that supply chains are slowing down, and companies are becoming less willing to trade with the U.S.
“Trading with the United States is now hellishly more difficult,” said Wilson. “And it’s not just a financial cost—it’s a strategic and operational recalibration.”
With negotiations still ongoing and new rules on the way, governments and companies across the world are racing to protect their economies, defend jobs, and prepare for more changes in a fast-moving global trade environment.
