Trump signs order imposing sweeping new tariffs across the world
More: Trump to add 25% tariff to Indian imports. Which everyday goods could be impacted?
Trump has kept a new baseline 10% tariff for countries where the United States exports more goods than it receives.
About 40 countries will have a 15% U.S. tariff rate under Trump's order. A senior White House official said these include countries that export slightly more goods to the U.S. than it imports. From there, the tariff rates range up to 40% on imports from Loas and Myanmar and 41% on goods for Syria. These are countries where the U.S. has the largest trade deficits.
Imports that fall under the United States-Mexico-Canada Agreement, a trade deal Trump signed during his first term, will remain exempt from the new 35% Canadian tariffs. Trump has said the tariffs on Canada are in retaliation to the flow of fentanyl from the neighboring country to the north.
To see the full list of new tariff rates click here.
Tariffs are taxes on imports paid by companies. Economists warn that tariffs can lead to higher costs for consumers, but Trump and White House officials have pointed to relatively flat inflation since Trump returned to the White House to argue they've proven the skeptics wrong.
Trump had previously announced new tariff rates for several countries and reached deals with other nations that include new tariff rates, including Japan (15%), Vietnam (20%), Indonesia (19%), the European Union (15%).
More: Trump's trade deal with the EU: What it means for your wallet
Evene steeper "reciprocal" tariffs that Trump initially imposed on April 2 - but soon after paused for 90 days amid market turbulence - were set to go back into effect July 9. But Trump on July 7 extended the deadline to Aug. 1 to continue trade negotiations with some countries.
During the pause, imports from most countries have been subject to a 10% baseline tariff.
Trump has taken an on-and-off-again approach to his tariff regime - routinely threatening new fees on goods that he retreats from later. His past efforts have earned him a nickname among Wall Street financial analysts called "TACO trade," an acronym that stands for "Trump always chickens out."
Yet Trump insisted he planned to follow through on his Aug. 1 deadline - and now he has.
Reach Joey Garrison on X @joeygarrison.
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The Independent
27 minutes ago
- The Independent
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Read More In terms of how quickly we can expect to see the impact of the deal on prices, there will be some lag. "It will take a while. Even in the US, where they have had the tariffs, at some level, they have not seen prices go up as fast as one might expect. "That is because there is a lot of drawing down of stockpiles in place before tariffs kicked in. Come autumn, those stockpiles are going to be largely evaporated. That is when the US will start to see prices rise," he said. For Europe, Davis reckons it will be hard to pinpoint when exactly we could see the impact, but as winter comes along and rising energy costs ensue, we will likely see the real impact of this deal.
