Trump Taxes: Who benefits from price escalation?
The U.S. government has collected more than $100 billion in tariff revenue since April, triple the amount collected during the same period last year, according to the Treasury Department. These tariffs have become the fourth-largest source of federal revenue for the current fiscal year.
President Donald Trump , who welcomed this «rain of billions,» intends to rebalance trade and reaffirm American economic power. In July alone, the windfall reached nearly $30 billion , a spectacular increase of 242% compared to July 2024.
What impact will this have on countries, including Morocco? The impact on the Kingdom is considered relatively limited. The country is subject to a customs duty rate of 10%, the lowest in the new tariff schedule. The new wave of American protectionism, far from fundamentally threatening trade, could paradoxically offer Morocco an opportunity, economists note.
As a stable trading partner with a strong FTA, the Kingdom could position itself as a strategic alternative for companies seeking to circumvent global trade tensions and expand into the US market. Moreover, the real challenge for Morocco lies not in the immediate impact of tariffs, but in the redefinition of the global trade landscape. Protectionist tensions between the United States and powers like China and India could prompt a reconfiguration of supply chains. While US tariffs represent a symbolic and potential challenge, Morocco is relatively unaffected thanks to its FTA.
Globally, many countries are attempting to negotiate with Washington to reduce the impact of these taxes. President Trump , for his part, is not hesitating to brandish new threats, such as increasing customs duties on Indian imports to 50% if the country does not stop buying Russian oil, or a 100% tax on foreign computer chips to encourage production on American soil. Even though Washington assures that «dozens of agreements» are in progress, only seven preliminary agreements have been signed so far, notably with the E.U., Japan, and the UK. The trade truce with China, meanwhile, is expected to be extended by 90 days to allow for further negotiations.
And new announcements are expected. President Trump also wants to tax imported pharmaceutical products and semiconductors, Despite these shock announcements, the financial markets seem calm. Wall Street stock indexes opened higher, as investors saw a return to certainty and highlighted the existence of numerous country-specific exceptions that reduce the scale of surcharges.
Fatim -Zahra TOHRY
