00:00The U.S. began officially levying higher taxes on imports from dozens of countries on Thursday,
00:06four months after President Donald Trump first announced plans to impose tariffs on most of the world.
00:13The White House said that starting just after midnight,
00:17goods from more than 60 countries would face tariff rates of 10% or higher.
00:23Products from the European Union, Japan and South Korea will be taxed at 15%,
00:28while imports from Taiwan, Vietnam and Bangladesh will be taxed at 20%.
00:34While seeking new trade agreements across the board,
00:38the Trump administration says it expects places such as the EU, Japan and South Korea
00:44to invest hundreds of billions of dollars in the U.S.
00:48Trump's trade policies are aimed at reshaping the structure of global trade,
00:53which he believes is unfair towards the U.S.
00:56Despite the controversy, the U.S. has remained confident that the onset of its broad tariffs
01:02will provide clarity about the path of the world's largest economy.
01:08In late July, the EU and U.S. tentatively agreed on a 15% tariff for the vast majority of EU products.
01:16The deal is however preliminary and its details are yet to be fleshed out.
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