Former U.S. President Donald Trump has announced a new wave of tariffs, citing economic independence as the rationale. Among the affected countries, Bangladesh will see its average import duty increase from 15% to 37%. Other countries facing significant tariff hikes include India (26%), Pakistan (29%), China (34%), the European Union (20%), Myanmar (44%), Laos (48%), Madagascar (47%), Vietnam (46%), Sri Lanka (44%), Taiwan (32%), Japan (24%), South Korea (25%), Thailand (36%), Switzerland (31%), Indonesia (32%), Malaysia (24%), Cambodia (49%), the UK (10%), South Africa (30%), Brazil (10%), Singapore (10%), Israel (17%), the Philippines (17%), Chile (10%), Australia (10%), Turkey (10%), and Colombia (10%). Additionally, a 25% tariff on foreign car imports will take effect from midnight.