Trade war: Donald Trump signs executive order imposing tariffs up to 41%
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The new tariff regime, which takes effect on August 7, aims to rebalance long-standing trade deficits that the administration claims have undermined the US economy and national security.
It set tariff rates for 68 individual nations and the 27-member European Union. Countries will face a default 10% baseline tariff. As per a senior official, these rates are based on each country's trade gap with the US and its regional economic standing.
Nations having a trade deficit with the US will now face a minimum 15% tariff, impacting around 40 nations globally.
While the 15% tariff serves as the new baseline for trade-deficit countries, more than a dozen nations will face significantly higher rates, either for failing to negotiate new terms with the US or because they are among those with the largest deficits.
Among the steepest hikes:
Syria will be hit with a 41% tariff.
Laos and Myanmar each face a 40% rate.
Switzerland sees tariffs rise to 39%.
Iraq and Serbia will pay 35%.
Algeria, Bosnia and Herzegovina, Libya, and South Africa all face a 30% tariff.
Canada, which was previously subject to a 25% tariff, will now face a 35% rate.
The move highlights Washington's push for broader trade realignments.
As for Mexico,the US President said that goods entering the US would still face a 25% tariff, a rate he has loosely tied to fentanyl trafficking. He added that cars would continue to be taxed at 25%, while copper, aluminum, and steel imports would face a 50% tariff during the ongoing talks
Trump further said Mexico would remove its 'non-tariff trade barriers,' though he offered no details.
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Some products remain protected under the 2020 US-Mexico-Canada Agreement (USMCA), a deal Trump secured during his first term.
However, he now seems less supportive of the pact, which is due for renegotiation next year. Earlier this year, he imposed fresh tariffs on both Mexico and Canada, one of his first major steps after returning to office.
Delayed implementation
Although initially expected to take effect immediately, the White House delayed enforcement of the new tariffs to August 7, giving US Customs and Border Protection time to update its systems for the new duties.
Here is a list of countries that would be impacted under the order, along with their adjusted reciprocal tariffs:
Country/territory Adjusted reciprocal tariff 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 0%–15% 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% Mozambique 15% Myanmar (Burma) 40% 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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