Here's what you should know about US President Donald Trump's new tariffs
The new tariff regime will not go into effect Friday, as expected. Instead, the tariffs will be implemented on August 7 to give US Customs and Border Protection sufficient time to make the necessary changes to collect the new duties.
The 'universal' tariff for goods coming into the US will remain at 10 per cent, the same level that was implemented on April 2.
But that 10 per cent rate will apply only to countries with which the US has a trade surplus – countries to which the US exports more than it imports. That applies to most countries, a senior administration official said.
A 15 per cent rate will serve as the new tariff floor for countries with which the US has a trade deficit. About 40 countries will pay that new 15 per cent tariff.
That tariff will be lower for many of those nations than the April 2 'reciprocal' tariffs, but it will be higher for a handful.
More than a dozen countries have tariff rates that are higher than 15 per cent, either because they agreed to a trade framework with the US or because Trump sent their leaders a letter dictating a higher tariff. The official said those countries have among the highest trade deficits with the US.
The new trade policy also establishes a 40 per cent additional penalty on so-called transshipments. Those are goods that are shipped from a high-tariff country to a low-tariff country and then re-shipped to the US.
The US already imposes penalties and fines for goods that Customs and Border Protection agents deem to be transshipped. The 40 per cent will come on top of that, a senior administration official said.
Trump signed an executive order increasing the tariff rate on Canadian goods that aren't exempt from the USMCA free-trade agreement from 25 per cent to 35 per cent. The higher tariff rate will go into effect on Friday local time.
A senior Trump administration official described conversations with Canada surrounding fentanyl and tariffs on products in their country as less constructive than with Mexico, which received a 90-day pause on higher tariffs.
Ontario Premier Doug Ford said the higher tariff rate is 'concerning,' especially with other tariffs still in place. And the president and CEO of Canada's Chamber of Commerce called the statement released by the White House tonight 'more fact-less tariff turbulence.'
Changes in tariffs
On April 2, President Donald Trump declared a US economic emergency and announced tariffs of at least 10 per cent across all countries, with rates even higher for 60 countries or trading blocs that have a high trade deficit with the US. He deemed it 'Liberation Day'.
Tonight, the president announced adjustments to some of those reciprocal tariffs ahead of his midnight deadline.
Here's what is different:
Angola: 32 per cent to 15 per cent
Bangladesh: 37 per cent to 20 per cent
Bosnia and Herzegovina: 35 per cent to 30 per cent
Botswana: 37 per cent to 15 per cent
Brunei: 24 per cent to 25 per cent
Cambodia: 49 per cent to 19 per cent
Cameroon: 11 per cent to 15 per cent
Chad: 13 per cent to 15 per cent
Côte d`Ivoire: 21 per cent to 15 per cent
Democratic Republic of the Congo: 11 per cent to 15 per cent
Equatorial Guinea: 13 per cent to 15 per cent
European Union: 20 per cent to 15 per cent (for most goods)
Falkland Islands: 41 per cent to 10 per cent
Fiji: 32 per cent to 15 per cent
Guyana: 38 per cent to 15 per cent
India: 26 per cent to 25 per cent
Indonesia: 32 per cent to 19 per cent
Iraq: 39 per cent to 35 per cent
Israel: 17 per cent to 15 per cent
Japan: 24 per cent to 15 per cent
Jordan: 20 per cent to 15 per cent
Kazakhstan: 27 per cent to 25 per cent
Laos: 48 per cent to 40 per cent
Lesotho: 50 per cent to 15 per cent
Libya: 31 per cent to 30 per cent
Liechtenstein: 37 per cent to 15 per cent
Madagascar: 47 per cent to 15 per cent
Malawi: 17 per cent to 15 per cent
Malaysia: 24 per cent to 19 per cent
Mauritius: 40 per cent to 15 per cent
Moldova: 31 per cent to 25 per cent
Mozambique: 16 per cent to 15 per cent
Myanmar: 44 per cent to 40 per cent
Namibia: 21 per cent to 15 per cent
Nauru: 30 per cent to 15 per cent
Nigeria: 14 per cent to 15 per cent
North Macedonia: 33 per cent to 15 per cent
Pakistan: 29 per cent to 19 per cent
Philippines: 17 per cent to 19 per cent
Serbia: 37 per cent to 35 per cent
South Korea: 30 per cent to 15 per cent
Sri Lanka: 44 per cent to 20 per cent
Switzerland: 31 per cent to 39 per cent
Taiwan: 32 per cent to 20 per cent
Thailand: 36 per cent to 19 per cent
Tunisia: 28 per cent to 25 per cent
Vanuatu: 22 per cent to 15 per cent
Vietnam: 46 per cent to 20 per cent
Zambia: 17 per cent to 15 per cent
Zimbabwe: 18 per cent to 15 per cent
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
13 minutes ago
- ABC News
Former Human Rights Watch chief Kenneth Roth says only Donald Trump can stop Benjamin Netanyahu and war in Gaza
The former executive director of Human Rights Watch, Kenneth Roth, says the one man who can hold Israeli Prime Minister Benjamin Netanyahu to account and put an end to the war in Gaza is US President Donald Trump. His comments echoed those of Prime Minister Anthony Albanese, who last week called for Mr Trump to show real leadership on the ongoing war in Gaza. During an interview tonight on 7.30, Mr Roth — who is Jewish and the son of a Holocaust survivor — said world leaders must do more than voice outrage at the ongoing situation in Gaza. "There's increasing movement towards sanctioning Israeli officials who are responsible," Mr Roth told 7.30. "There's increasing legitimacy of the arrest warrants issued by the International Criminal Court, but frankly, the one person with leverage over Netanyahu is Trump. "He alone could condition arms sales and military aid to end the mass atrocity being committed in Gaza. "I don't think it's impossible to push Trump to do that. He is breaking with Netanyahu in various ways. He's spoken about that he's not yet at that stage, but it's possible to get him there. "That's what it's going to take to end these war crimes." Mr Roth's comments came after 90,000 protesters walked across the Sydney Harbour Bridge on Sunday, calling for an end to Israel's war in Gaza. Mr Roth said public opinion might be enough to force the hand of a populist leader like Donald Trump. "Trump is not indifferent to public opinion," Mr Roth said. Reasons for the shift include images of starving and emaciated children in Gaza being broadcast around the world, while the Israeli government issued multiple denials on the issue. The allegations of using starvation as a weapon of war have formed part of charges brought against Mr Netanyahu and former minister of defence Yoav Gallant by the International Criminal Court. Mr Roth, who is also a qualified lawyer, said he believed that nothing would see those charges rescinded. "Those are blatant war crimes," Mr Roth told 7.30. "They violate the Geneva Convention requirement that an occupying power allow access to humanitarian aid to a people in need. "That defines Gaza. "The fact that Netanyahu committed this crime … that he stops is not a defence to the months upon months in which he was committing the crime. Mr Roth believed the establishment of a Palestinian state would face obstacles, such as Hamas, past failures of the Palestinian Authority and Mr Netanyahu's unwillingness to see it happen. But he said the United States could play a major role in removing those obstacles. "Hamas has said that it would contemplate disarming and leaving Gaza if there were a clear path to a Palestinian state," Mr Roth said. "If we accept that as a negotiating position, then the main obstacle is Netanyahu, who basically has said, 'over my dead body, there's not going to be a Palestinian state.' "The only way to get past that comes back to President Trump. "It comes back to his enormous leverage. The $3.8 billion in annual aid he gives to Israel and massive flow of arms; if he were to say this only continues if you allow the Palestinian state, that allows us to stop the slaughter in Gaza, things like this can happen." Mr Roth told 7.30 he considered antisemitism "a real issue" for him and a real "hazard" for Jewish people, but criticised Australia's Special Envoy to Combat Antisemitism, Jillian Segal, for selecting a controversial definition of antisemitism to base her work on. In her recently released report, Ms Segal urged the Australian government to "require consistent application and adoption" of the International Holocaust Remembrance Alliance's (IHRA) working definition of antisemitism, calling it the "gold standard" in an interview with 7.30. Critics, including the definition's lead author, say it is being used to suppress legitimate criticism of Israel's policies. Mr Roth agreed. "This is a completely counterproductive approach to fighting antisemitism," he told 7.30. "The IHRA definition undermines the fight against antisemitism because it has come to be used over and over as an excuse to suppress legitimate criticism of Israel." The risk in the reliance on the IHRA definition, Mr Roth said, was to undermine the fight against antisemitism. "It cheapens the concept of antisemitism when it's very much needed. It basically prioritises defence of the Israeli government over the defence of Jews around the world," he said. "I have no problem with having a special envoy focused on fighting antisemitism, but if that envoy is really pushing a definition of antisemitism that amounts to defending and stopping criticism of Israel, that is counterproductive. "That is unhelpful for what Jews need to combat a genuine problem." Watch 7.30, Mondays to Thursdays 7:30pm on ABC iview and ABC TV Do you know more about this story? Get in touch with 7.30 here.
Sky News AU
an hour ago
- Sky News AU
Investigation launched into Obama officials over Russia 2016 election collusion hoax
Sky News host Andrew Bolt discusses the US grand jury investigation being launched into officials of former United States president Barack Obama to find out the 'conspiracy theory' of Russian collusion in the 2016 election. 'We might finally now get to the truth about what our ABC once boasted was the story of the century … but it a truth very different to what the ABC and journalists around the world were claiming, they told us Donald Trump stole the first election that made him president by colluding with Russia,' Mr Bolt said. 'The overwhelming evidence since is that Trump never did collude with Russia, those discredited claims were largely based on a dossier of fake intelligence secretly funded by the campaign of Trump's Democrat opponent, Hillary Clinton.'
Sydney Morning Herald
4 hours ago
- Sydney Morning Herald
Trump and Murdoch agree to pause in battle over Epstein article
Rupert Murdoch and Donald Trump have agreed to pause the media mogul's deposition in a libel lawsuit brought by the US president last month over a story published by The Wall Street Journal detailing Trump's dealings with Jeffrey Epstein. Court filings released on Tuesday say the two parties reached an agreement to hold off on Murdoch's deposition until after The Wall Street Journal' s motion to dismiss the case has been heard. Trump had initially sought Murdoch's deposition to be expedited, citing the 94-year-old's age and health, which some media outlets have labelled a stunt. The parties have also agreed not to engage in discovery in the meantime, filings released by the Florida Court said. The agreement was reached on Monday evening according to US media outlet Politico. The likely outcome is that Murdoch, also facing a resumption of his own family legal battle in Nevada this year, will not appear in court for at least several months, and would only need to if the Journal 's motion to dismiss the case fails. The filing also said Murdoch would appear in a mutually agreed location, in person, within 30 days, should the motion fail, and that he has agreed to provide 'regularly scheduled updates to the Plaintiff [Trump] regarding his health', including a mechanism for him to alert the president if there is a material change in his health. Loading Trump brought the $US10 billion ($15 billion) suit last month after The Journal published a story reporting that he had signed a letter to Epstein, the disgraced Wall Street financier for his 50th birthday, which included a drawing of a naked woman with his signature attached. The president named Murdoch, News Corp CEO Robert Thomson and the two reporters responsible for the article as defendants. The company intends to defend the reporting.
