Trump's new tariffs hit 69 nations: See who pays most and least from August 7
A US official told reporters that a few deals were being finalised and could be announced soon. Meanwhile, trading partners are already reacting to the surprise announcement.WHICH COUNTRIES FACE THE HIGHEST TARIFFS?As per the new order, Syria tops the list with a 41% tariff, followed by Laos and Myanmar at 40%, Switzerland at 39%, and Iraq and Serbia at 35%. Other countries such as Libya and Algeria will now face a 30% duty.India, Vietnam, and Taiwan are grouped in the 20% to 25% range. The European Union negotiated a partial exemption, goods with existing tariffs above 15% will be spared, while others will see higher levies.All other nations not mentioned will automatically fall under the new 10% import duty.INDIA GETS NO RELIEFIndia is among the countries hit with the full 25% tariff. Trump pointed to issues related to market access for US agriculture products and India's energy imports from Russia as reasons.Speaking to the media, Trump said, 'I don't care what India does with Russia. They can take their dead economies down together, for all I care.'Indian officials had earlier said that a US delegation would visit New Delhi on August 25 to continue trade talks, but for now, the tariffs will go into effect.India is one of the fastest-growing US trading partners, and around 43,000 Indian business travellers visited the US in May alone, according to the Department of Commerce. The new tariffs could impact this growing relationship.Mexico has managed to get a 90-day reprieve after a phone call between Trump and Mexican President Claudia Sheinbaum. Trump confirmed that the existing 25% tariffs on autos and 50% on metals like copper, aluminium, and steel will stay, but not increase.President Sheinbaum posted on X that 'we avoided the tariff increase announced for tomorrow and we got 90 days to build a long-term agreement through dialogue.'advertisementTrump added that Mexico had agreed to remove its non-tariff trade barriers, though specific details were not shared.Mexico's trade surplus with the US reached 171.5 billion dollars in 2024, up from 63.3 billion in 2016, which has reportedly increased Trump's concerns despite existing agreements like the USMCA.CANADA PENALISEDCanada, the second-largest trading partner of the US, did not get relief. Instead, tariffs were increased to 35% on certain Canadian goods linked to fentanyl-related disputes.Trump accused Canada of failing to control the illegal flow of fentanyl into the US. Canadian Prime Minister Mark Carney tried reaching out before the announcement but did not speak with Trump directly.A US official said, 'Canadian officials haven't shown the same level of constructiveness that we've seen from the Mexican side.'SOUTH KOREA, TAIWAN, BRAZIL DEALSSouth Korea successfully negotiated its tariffs down to 15%, from a planned 25%, after promising to invest 350 billion dollars in US-based projects.Taiwan, which is facing a 20% tariff, is still pushing for a better outcome. President Lai Ching-te said that the tariff is 'temporary' and could be reduced if both sides reach an agreement. Taiwan is a key supplier of computer chips to the US, especially as demand for AI-powered products increases.advertisementBrazil, on the other hand, was hit with a steep 50% tariff, although major exports like aircraft, energy, and orange juice were spared. The decision follows growing US frustration over Brazil's handling of former President Jair Bolsonaro's legal issues.Finance Minister Fernando Haddad called the new tariff "unfair" and said Brazil might take the matter to international forums if talks fail.In a different tone, Thailand accepted its new 19% tariff, calling it a 'major success'. A spokesperson from the Thai government said, 'It represents a win-win approach aimed at preserving Thailand's export base and long-term economic stability.'TALKS STILL ON WITH CHINAWhile the new tariffs list has been made public, negotiations with China are still continuing. US Treasury Secretary Scott Bessent told CNBC that 'we have the makings of a trade deal with China, but it is not 100% done.'Talks between the two sides took place earlier this week in Stockholm, and the US has given China until August 12 to reach a final agreement.The legal foundation of Trump's new tariffs could be tested in court. The US President has invoked emergency powers under the 1977 International Emergency Economic Powers Act to declare a trade emergency.advertisementHowever, the Court of International Trade ruled in May that this approach may have gone too far. Appeal court judges have also raised concerns about executive overreach.American shoppers are already feeling the heat. Data from the US Commerce Department showed that prices went up in June: home furnishings rose 1.3%, recreational goods 0.9%, and clothing 0.4%. Economists say these numbers could go even higher as new tariffs kick in.- EndsMust Watch
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