Trump administration rolls out new tariffs ahead of midnight deadline

Hours before a new round of tariffs is set to take effect, President Donald Trump is unveiling a series of trade actions aimed at reshaping global commerce.

(CNN)- Hours before a new round of tariffs is set to take effect, President Donald Trump is unveiling a series of trade actions aimed at reshaping global commerce.

“I think the trade deals are working out very well, hopefully for everybody,” Trump said as his administration announced a 15-percent tariff on South Korean imports. A steeper 50-percent tariff is being imposed on Brazilian goods—unless, Trump says, Brazil halts the trial of its former president accused of attempting a coup.

Lourival Sant’Anna, a senior fellow at the Brazilian Center of International Relations, cast doubt on that condition. “It’s hard to make concessions in that area, and I’m sure the government is not going to make them,” he said.

Meanwhile, the president is doubling down on a 25-percent tariff on imports from India. CNN’s Chief Domestic Correspondent Phil Mattingly says Trump is frustrated with India’s refusal to open certain markets to U.S. producers, as well as its continued purchases of Russian energy.

However, details on the new tariffs remain limited. “We do not know the full effects of the tariffs yet,” said Richard Quest, host of Quest Means Business.

U.S. companies importing affected goods are responsible for paying the tariffs—costs Trump hopes foreign producers will help absorb. But many say they can’t afford to, and domestic alternatives often come at a higher price. As a result, businesses warn they may have no choice but to raise prices for American consumers.