Trump's sweeping tariffs take effect in another dramatic reshaping of the US trade landscape
Dozens of countries — including top trading partners like the European Union, South Korea, and Japan — now face a key new rate of 15%.
Others are facing "bespoke" rates. Those at the higher end of the spectrum have found themselves at odds with President Trump.
The latest complete tally, according to recent calculations from the Yale Budget Lab, is that the US overall average effective tariff rate will jump to 18.3% as these "reciprocal" tariffs take effect.
Read more: What Trump's tariffs mean for the economy and your wallet
It's yet another uptick from Trump in his trade wars, with plenty more promised in the weeks ahead.
Trump even suggested late Wednesday afternoon he is looking to impose a tariff of approximately 100% on "all chips and semiconductors coming into the United States" but with an escape hatch for companies who offer even "a commitment to build inside the United States."
Trump's focus on tariffs hasn't slowed even after months of fears that these new duties will spur at least temporary inflation.
The many moves have pushed the Federal Reserve to hold interest rates steady — much to Trump's unhappiness — with Chair Jerome Powell recently noting "higher tariffs have begun to show through more clearly to prices of some goods."
But rates continue to rise, with countries now facing higher tariffs, including Brazil, which saw 50% duties go into effect Wednesday, and India, which now faces 25% duties but could see rates double in about three weeks' time over its consumption of Russian oil.
Goods from almost two dozen nations, from Bangladesh to South Africa, now face higher rates, with shippers there now set to pay 20% or higher.
Meanwhile, a major surprise in recent days has been Switzerland, which now faces 39% duties. That's after a last-minute trip from the Swiss president, which appears not to have borne immediate fruit in getting an exemption for her country.
Canada, Mexico, and China are not seeing their rates change this week as all three nations already face headline tariffs of 25% or higher — and all are on different negotiating schedules.
Over 100 other nations— nearly all smaller ones — are also not seeing their rates change on Thursday; instead, they will stay at a previously set 10% level.
Read more: 5 ways to tariff-proof your finances
That number is also sure to change further in the weeks ahead as nations continue to search for carveouts on hundreds of fronts and Trump continues to promise new sector-specific tariffs on both semiconductors and pharmaceuticals in the weeks ahead.
The new duties also include a focus on the issue of transhipping, promising an additional tariff of 40% for any goods deemed "to have been transshipped to evade applicable duties" without providing a further definition.
Thursday's changes are the latest culmination of Trump's intense second-term focus on tariffs. He declared "I am a tariff man" back in 2018, but has gone much further on the issue in his second term.
The duties — as Trump notes nearly every day while also dismissing worried economists — are already setting tariff revenue records and could grow further in the coming months with the new higher rates.
As Trump said Wednesday, "We've really just started; this is just in its infancy."
Ben Werschkul is a Washington correspondent for Yahoo Finance.
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