Trump hits dozens of countries' goods with steep tariffs
Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
The order listed higher import duty rates of 10% to 41% starting in seven days for 69 trading partners as the midnight deadline approached.
Some countries had reached tariff-reducing deals while others had no opportunity to negotiate with his administration. Trump included an exception for some goods shipped within the coming week.
Goods from all other countries not listed would be subject to a 10% US import tax. Trump had previously said the rate might be higher.
The administration also teased that more trade deals were in the pipeline as it seeks to close trade deficits and boost domestic factories.
Facing a Friday deadline of his making, the Republican president has tapped emergency powers, pressured foreign leaders and pressed ahead with trade policies that sparked a market sell-off when they were first announced in April.
This time, markets had a more muted reaction. Stocks and equity futures fell modestly in Friday morning trading in Asia.
Trump's order said 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 US on economic and national-security matters".
Other details are yet to come, including on the "rules of origin" that will determine what products might face higher tariffs.
Trump also said "we have made a few deals today that are excellent deals for the country", and a US official later told reporters they were still to be announced.
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