Trump modifies global tariffs hours before deadline
US President Donald Trump signed an executive order, unveiling a modified global tariff schedule just hours before a self-imposed August 1 deadline. The sweeping measure adjusts tariffs for dozens of countries, with some seeing increases, while select nations secured last-minute reprieves.
In a Thursday nightstatement, the White House said the action reflects whether countries have "agreed to, or are on the verge of agreeing to, meaningful trade and security commitments." Nations that failed to engage in talks or that offered terms which "do not sufficiently address imbalances" were hit with elevated tariffs.
India will face 25% tariffs after Trump announced additional penalties on Wednesday over its continued trade with Russia. He said the tariffs were imposed partly because of India's membership in BRICS, and partly due to what he called a "tremendous" trade deficit with New Delhi.
There appear to be some discrepancies in the list, with Brazil facing a 10% tariff -even though Trump had hiked it to 50% the day before, claiming the country poses a threat to "the national security, foreign policy, and economy" of the US. Trump also previously threatened an additional 10% tariff on all BRICS nations, accusing the bloc of trying to "destroy the dollar as the global standard."
Trump also abruptly raised tariffs on Canada to 35% from 25%, citing Ottawa's "continued inaction" in curbing fentanyl trafficking into the US. Tensions between Washington and Ottawa escalated in recent weeks, after Trump criticized Canada for supporting Palestinian statehood, saying it would "make it very hard for us to make a Trade Deal with them."
Meanwhile, Mexico avoided a tariff hike after reaching an agreement with Washington earlier on Thursday. The White House confirmed that the 25% tariff on certain Mexican goods will remain in place for another 90 days, postponing a planned increase to 30%.
The EU, South Korea, and Japan are facing a 15% rate after securing trade agreements with Washington in recent weeks. Some of the highest adjusted tariffs include Syria (41%), Laos and Myanmar (40%), Switzerland (39%), Iraq and Serbia (35%), and Algeria, Libya, and South Africa (30%).
The White House said the "universal" baseline tariff for goods entering the United States will remain at 10% for countries with a trade surplus, and 15% for countries with which the US has a trade deficit.
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