Trump Releases Revised Tariffs: India Remains At 25%, Pak's Rate Slashed
US President Donald Trump has signed a new executive order slapping higher tariffs on dozens of trading partners ahead of a Friday trade deal deadline -- his latest bid to reshape global trade in favour of US businesses. The higher import duty rates from 10 per cent to 41 per cent are set to start in seven days for 69 trading partners, according to the order.
The duties ranged as high as 41 per cent on Syria, 35 per cent on many goods from Canada, 50 per cent for Brazil, 25 per cent for India, 20 per cent for Taiwan and 39 per cent for Switzerland. Meanwhile, duties on Pakistan imports have been slashed from 29 per cent to 19 per cent.
This was alongside various levels of duties reflecting trade deals struck between Washington and major partners like the European Union and Japan. The order said that goods from all other countries not listed in an annex would be subject to a 10 per cent US tariff rate.
More Deals On The Way
Trump's order said that some trading partners, "despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters."
Officials from the Trump administration told reporters that more trade deals were yet to be announced as Trump's higher "reciprocal" tariff rates were set to take effect.
"We have some deals," the official said. "And I don't want to get ahead of the President of the United States in announcing those deals."
Canada And Mexico
An exemption for Canadian and Mexican goods entering the country under a North American trade pact remained in place, according to the White House.
The Trump administration issued a separate order for Canada that raises the rate on Canadian goods subject to fentanyl-related tariffs to 35 per cent from 25 per cent previously, saying Canada, the second-largest US trading partner after Mexico, had "failed to cooperate" in curbing fentanyl flows into the US.
The higher tariffs on Canadian goods contrasted sharply with Trump's decision to grant Mexico a 90-day reprieve from higher tariffs of 30 per cent on many goods to provide more time to negotiate a broader trade pact.
Meanwhile, the extension for Mexico avoids a 30 per cent tariff on most Mexican non-automotive and non-metal goods compliant with the US-Mexico-Canada Agreement on trade and came after a Thursday morning call between Trump and Mexican President Claudia Sheinbaum.
Trump said the US would continue to levy a 50 per cent tariff on Mexican steel, aluminium and copper and a 25 per cent tariff on Mexican autos and on non-USMCA-compliant goods subject to tariffs related to the US fentanyl crisis.
"Additionally, Mexico has agreed to immediately terminate its Non-Tariff Trade Barriers, of which there were many," Trump said in a Truth Social post without providing details.
Brazil
Trump hit Brazil on Wednesday with a steep 50 per cent tariff as he escalated his fight with Latin America's largest economy over its prosecution of his friend and former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies.
South Korea And India
South Korea agreed on Wednesday to accept a 15 per cent tariff on its exports to the U.S., including autos, down from a threatened 25 per cent, as part of a deal that includes a pledge to invest $350 billion in US projects to be chosen by Trump.
But goods from India appeared to be headed for a 25 per cent tariff after talks bogged down over access to India's agriculture sector, drawing a higher-rate threat from Trump that also included an unspecified penalty for India's purchases of Russian oil.
Although negotiations with India were continuing, New Delhi vowed to protect the country's labour-intensive farm sector, triggering outrage from the opposition party and a slump in the rupee.
China
Looming over the global economy is also an unresolved trade tussle between the United States and China. Beijing is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after the two largest economies reached preliminary deals in May and June to end escalating tit-for-tat tariffs and a cut-off of rare earth minerals.
Here's The New Tariff List
Countries and Territories Reciprocal Tariff, Adjusted
Afghanistan 15%
Algeria 30%
Angola 15%
Bangladesh 20%
Bolivia 15%
Bosnia and Herzegovina 30%
Botswana 15%
Brazil 10%
Brunei 25%
Cambodia 19%
Cameroon 15%
Chad 15%
Costa Rica 15%
Côte d`Ivoire 15%
Democratic Republic of the Congo 15%
Ecuador 15%
Equatorial Guinea 15%
European Union: Goods with Column 1 Duty Rate > 15% 0%
European Union: Goods with Column 1 Duty Rate < 15% 15% minus Column 1 Duty Rate
Falkland Islands 10%
Fiji 15%
Ghana 15%
Guyana 15%
Iceland 15%
India 25%
Indonesia 19%
Iraq 35%
Israel 15%
Japan 15%
Jordan 15%
Kazakhstan 25%
Laos 40%
Lesotho 15%
Libya 30%
Liechtenstein 15%
Madagascar 15%
Malawi 15%
Malaysia 19%
Mauritius 15%
Moldova 25%
Myanmar (Burma) 40%
Mozambique 15%
Namibia 15%
Nauru 15%
New Zealand 15%
Nicaragua 18%
Nigeria 15%
North Macedonia 15%
Norway 15%
Pakistan 19%
Papua New Guinea 15%
Philippines 19%
Serbia 35%
South Africa 30%
South Korea 15%
Sri Lanka 20%
Switzerland 39%
Syria 41%
Taiwan 20%
Thailand 19%
Trinidad and Tobago 15%
Tunisia 25%
Turkey 15%
Uganda 15%
United Kingdom 10%
Vanuatu 15%
Venezuela 15%
Vietnam 20%
Zambia 15%
Zimbabwe 15%
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