Al Sharqiya

Washington - Al sharqiya 01 August: US President Donald Trump signed an executive order increasing tariffs on a number of countries with which Washington says the trade balance is heavily tilted in their favor. The White House said that tariffs on Syria will be 41%, on Iraq 35%, Libya and Algeria 30%, and Tunisia 25%. The tariff increase also included British goods by 10%, and 15% on the European Union, Japan, and South Korea. The tariffs were set at 25% for India, 30% for South Africa, 35% for Serbia, 39% for Switzerland, and 40% for Laos. The tariffs were raised to 50% for Brazil. European stocks immediately hit a three-week low amid investor concern about the impact of the new US tariffs on dozens of countries. Novo Nordisk shares fell 4.2%, recording their lowest level in nearly three years, while Sanofi shares fell 1%. The pan-European STOXX 600 index also fell nearly 1%, extending its losses to a third session, while The benchmark index fell 4.4 percent. Meanwhile, oil prices remained more than 1 percent lower as traders assessed the impact of the new, higher US tariffs on economic activity. Brent crude futures fell 7 cents to $71.63 a barrel, while US Intermediate crude futures fell 10 cents to $69.16 a barrel.