Washington, August 07 (QNA) - New tariffs imposed by US President Donald Trump came into effect on Thursday.

The new tariffs apply to imports from the European Union and dozens of other countries.

The White House said that starting just after midnight, goods from more than 60 countries and the European Union will face tariff rates of 10% or higher.

Products from the European Union, Japan and South Korea are being taxed at 15%, while imports from Taiwan, Vietnam and Bangladesh are being taxed at 20%, CBS News said.

US President Donald Trump expects countries like the European Union, Japan, and South Korea to invest hundreds of billions of dollars in the United States.

"I think the growth is going to be unprecedented," Trump said Wednesday. He added that the US was "taking in hundreds of billions of dollars in tariffs." However, he couldn't provide a specific figure for revenues generated by tariff rates.

Despite the uncertainty, the White House is confident that the start of its comprehensive tariffs will clear the way for the world’s largest economy.

The new and varied tariffs cover imports from about 70 countries, including 27 EU countries. The European Union has pledged to make significant investments in the US, in addition to accepting the 15 percent tariffs, but the exact terms and timing of those investments remain under negotiation.

Two major trading partners, China and Mexico, face different tariff schedules as negotiations continue.

Meanwhile, Trump has threatened to impose additional tariffs on countries that deal with Russia, or has already ordered such tariffs, claiming that these deals indirectly support Russia's war against Ukraine. (QNA)