President Trump on Thursday outlined tariff rates on dozens of trade partners, taking a step toward further reshaping the US trade landscape.
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Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all partners. The tariffs on Canada go into effect Friday, while many of the other “reciprocal” rates take effect in seven days.
In the past several days, Trump has unleashed a flurry of deals and trade moves leading up to his self-imposed deadline:
- Trump granted Mexico, the US’s largest trading partner, a 90-day reprieve on higher tariffs, saying he would extend the country’s current tariff rates to allow for more time for negotiations.
- The US agreed to a trade deal South Korea on Wednesday. The South Korea agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff on its exports, Trump said.
- Trump imposed 50% tariffs on semi-finished copper products starting Aug. 1, but he stopped short of applying the duties to copper scrap and input materials, sending copper (HG=F) futures plunging.
- The president signed an order to end the de minimis exemption on low-value imports under $800, thereby applying tariffs from Aug. 29.
- Trump signed another order to impose a total of 50% tariffs on many goods from Brazil. However, it exempts key US imports like orange juice and aircraft parts that benefit Embraer (ERJ).
- Over the weekend, the US and EU agreed to a trade deal that imposes 15% tariffs on EU goods. The two sides still need to iron out several key issues.
| TRADING PARTNER | MODIFED JULY RATE | APRIL 2 ANNOUNCED RATE |
| ZIMBABWE | 15% | 18% |
| ZAMBIA | 15% | 17% |
| VIETNAM | 20% | 46% |
| VENEZUELA | 15% | 15% |
| VANUATU | 15% | 22% |
| UNITED KINGDOM | 10% | 10% |
| UGANDA | 15% | 10% |
| TURKEY | 15% | 10% |
| TUNISIA | 25% | 28% |
| TRINIDAD AND TOBAGO | 15% | 10% |
| THAILAND | 19% | 36% |
| TAIWAN | 20% | 32% |
| SYRIA | 41% | 41% |
| SWITZERLAND | 39% | 31% |
| SRI LANKA | 20% | 44% |
| SOUTH KOREA | 15% | 25% |
| SOUTH AFRICA | 30% | 30% |
| SERBIA | 35% | 37% |
| PHILIPPINES | 19% | 17% |
| PAPUA NEW GUINEA | 15% | 10% |
| PAKISTAN | 19% | 29% |
| NORWAY | 15% | 15% |
| NORTH MACEDONIA | 15% | 33% |
| NIGERIA | 15% | 14% |
| NICARAGUA | 18% | 18% |
| NEW ZEALAND | 15% | 10% |
| NAURU | 15% | 30% |
| NAMIBIA | 15% | 21% |
| MYANMAR | 40% | 44% |
| MOZAMBIQUE | 15% | 16% |
| MOLDOVA | 25% | 31% |
| MEXICO | 25% | |
| MAURITIUS | 15% | 40% |
| MALAYSIA | 19% | 24% |
| MALAWI | 15% | 17% |
| MADAGASCAR | 15% | 47% |
| LIECHTENSTEIN | 15% | 37% |
| LIBYA | 30% | 31% |
| LESOTHO | 15% | 50% |
| LAOS | 40% | 48% |
| KAZAKHSTAN | 25% | 27% |
| JORDAN | 15% | 20% |
| JAPAN | 15% | 24% |
| ISRAEL | 15% | 17% |
| IRAQ | 35% | 39% |
| ICELAND | 15% | 10% |
| GUYANA | 15% | 28% |
| GHANA | 15% | 10% |
| FIJI | 15% | 32% |
| FALKLAND ISLANDS | 10% | 41% |
| EQUATORIAL GUINEA | 15% | 13% |
| ECUADOR | 15% | 10% |
| DEM. REP. OF THE CONGO | 15% | 11% |
| COTE DIVOIRE | 15% | 21% |
| COSTA RICA | 15% | 10% |
| CHAD | 15% | 13% |
| CAMEROON | 15% | 11% |
| CAMBODIA | 19% | 49% |
| BRUNEI | 25% | 24% |
| BOTSWANA | 15% | 37% |
| BOSNIA AND HERZEGOVINA | 30% | 35% |
| BOLIVIA | 15% | 10% |
| BANGLADESH | 20% | 37% |
| ANGOLA | 15% | 32% |
| ALGERIA | 30% | 30% |
| AFGHANISTAN | 15% | 10% |
| BRAZIL | 10% | 10% |
| INDONESIA | 19% | 32% |
| INDIA | 25% | 26% |
| JAPAN | 15% | 24% |
| UNITED KINGDOM | 10% | 10% |
| EUROPEAN UNION* | 0% | 20% |
| EUROPEAN UNION** | 15% | 20% |
| MEXICO | 25% | |
| CANADA | 35% |
Meanwhile, there are several outstanding negotiations:
- The US and China completed a third round of trade talks this week, and Treasury Secretary Scott Bessent said on Thursday that they have “the makings of a trade deal.” The countries face an Aug. 12 deadline to extend a pause on sky-high tariffs.
- India is facing 25% tariffs on its exports to the US after negotiations stalled, plus an additional “penalty” due to what Trump says are its cozy ties with Russia.
Here are the latest updates as the policy reverberates around the world.
Source: yahoo finance
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