Trump tariffs are a ‘disaster' for world's poorest countries [Yahoo! Finance]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance
industries at risk and diminishing one of the US's biggest economic advantages over rival China. Cambodia was slapped with Asia's highest tariff rate of 49% in Trump's levies announced Wednesday. Garment manufacturing giant Bangladesh was hit with a 37% rate, while in Myanmar, where a devastating earthquake last week left more than 3,000 dead, the US imposed a 45% duty. The southern African nation of Lesotho received a 50% tariff, the highest of any country. “Oh, look at Cambodia, 97%,” Trump said at the White House, drawing laughter as he pointed to the levy the US is subjected to from the Southeast Asian nation. “They made a fortune with the United States of America.” The average Cambodian earns about $6.65 a day, according to World Bank data, less than a fifth of the global average. The trade action may inflict further economic damage on the world's poorest countries at a time when Trump's administration has axed thousands of key aid contracts that for decades gave the US a p
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