Some worry, others breathe a sigh of relief: How countries are responding to new US tariffs imposed by Trump administration
The new tariffs announced by the Trump administration included Switzerland's 39 percent tariff, which saw the highest tariff rates since the early 1930s. It sought more talks, as did India, hit with a 25% rate. New tariffs also include a 35% duty on many goods from Canada, 50% for Brazil, and 20% for Taiwan, which said its rate was "temporary" and expected to reach a lower figure.
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The presidential order listed higher import duty rates of 10% to 41% starting in a week for 69 trading partners, taking the U.S. effective tariff rate to about 18%, from 2.3% last year, according to analysts at Capital Economics, as reported by Reuters.
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Global leaders began their day facing a new set of US tariffs on their exports. These tariffs are set to take effect next week and impact almost every country. While most nations are facing increased tariffs, a few are breathing a sigh of relief after securing last-minute deals.
Trump's new tariff rates: Here's how some countries reacted
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New Zealand's Trade Minister Tom McClay called the increased tariffs unjustified after the country's exports to the US were hit with a 15% base rate, up from 10%, according to CNN.
In Switzerland, the government expressed "great regret" over the US decision to impose 39% tariffs on Swiss imports, despite progress in bilateral talks and Switzerland's "very constructive stance."
Australian Trade Minister Don Farrell praised the 10% tariff rate—the lowest announced by the White House—calling it a 'vindication' of how the government handled diplomacy with the US.
Bangladesh called the outcome of its trade talks with the US a 'decisive diplomatic victory' after Trump announced a 20% tariff on Bangladeshi goods. The rate announced in April 2025 was 37 percent.
Malaysia, which was at risk of a 24% tariff on its exports, was able to negotiate it down to 19%—a result its trade ministry described as a 'significant achievement.'
Cambodia, after reaching a deal with the US, will now face a 19% tariff instead of the originally announced 49%.
South Africa, facing the highest tariff rate at 30%, said discussions with the US will continue. President Cyril Ramaphosa stated that negotiations are the best path forward.
Wall Street sell-off sparked by tariff onslaught
Wall Street's main indexes led a global selloff on Friday as new U.S. tariffs on dozens of trading partners weighed on sentiment, while a weaker-than-expected payrolls report added to risk aversion. Just hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on U.S. imports from countries including Canada, Brazil, India, and Taiwan, even as countries scrambled to seek ways to strike better deals.
Data showed U.S. job growth slowed more than expected in July 2025, while the prior month's report was revised sharply lower, pointing to a sharp moderation in the labor market. U.S. stocks took an immediate hit. By early afternoon on Friday (August 1, 2025), the Dow Jones Industrial Average had dropped 0.96% to 43,708.00, the S&P 500 1.21% to 6,262.88, and the Nasdaq Composite 1.65% to 20,773.64.
Markets were also reacting to a disappointing jobs report. Data showed U.S. job growth slowed more than expected in July, while the prior month's data was revised sharply lower, pointing to a slowdown in the labor market.
Global shares stumbled, with Europe's STOXX 600 down 1.89% on the day and 2.5% on the week, on track for its biggest weekly drop since Trump announced his first major wave of tariffs on April 2. Trump's new tariffs have created yet more uncertainty, with many details unclear. They are set to take effect on Aug 7 at 0401 GMT, a White House official said.
The European Union, which struck a framework deal with Trump, is still awaiting further Trump orders to deliver on agreed-upon carve-outs, including those for cars and aircraft, EU officials said, noting that the latest executive orders did not cover these areas.
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