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Marketplace All-in-One

President Trump imposes new tariffs on trading partners

Marketplace All-in-One

Marketplace

News, Business

4.81.3K Ratings

🗓️ 31 July 2025

⏱️ 7 minutes

🧾️ Download transcript

Summary

From the BBC World Service: Goods from South Korea will face a 15% tariff under a new trade deal. Meanwhile Brazil will be harder hit, with a 50% tax on imports. Plus, we hear how Chinese electric vehicle makers are targeting foreign consumers with affordable luxury.

Transcript

Click on a timestamp to play from that location

0:00.0

It's tariff deadline day tomorrow, so who's doing deals and who isn't. Good morning. This is the Marketplace Morning Report from the BBC World Service. I'm Leanna Byrne. So we'll start in South Korea, a major player in cars and computer chips. President Donald Trump says goods from there will face a 15% tariff under a new trade deal.

0:21.4

The BBC's Katie Silver has more.

0:23.5

You mentioned those automakers.

0:25.0

We have actually seen shares in the likes of Hyundai and Kia dropping on the news.

0:30.0

That might surprise some because, of course, that 15% tariff level is better than the 25%

0:35.8

across the board car tariffs.

0:38.0

But they are now at a disadvantage really when it comes to what was the previously case,

0:42.7

particularly when it came to Japan.

0:44.3

Japan was taxed at about 2.5%.

0:46.6

When it came to the carmakers, Korea didn't face that.

0:49.4

Now they're on that same level of 15%.

0:51.6

So there has been some downward movement in the South Korean car makers,

0:55.3

but without a doubt it does seem to be like it's going to be good news for the chip industry,

0:59.2

and it has been certainly hailed from President Trump's side, because of course South Korea

1:03.6

has pledged as part of this to spend about $350 billion investing in the US

1:08.9

and buy up about $100 billion worth of US energy.

1:12.1

The president also confirmed a worldwide levy on copper pipes and wiring.

1:16.6

What impact is that likely to have?

1:19.3

They say that they're going to be putting a 50% worldwide levy on copper pipes and wiring,

1:24.7

excluding what they called input materials.

1:27.2

So that's copper orears and concentrates.

1:28.8

But it has sent the price of copper into an absolute tailspin. The prices, for example, plunged

...

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