Trump Unveils New Tariff Rates Targeting Exports from Dozens of America's Biggest Trading Partners after Months of Negotiations

International Business Times

4 days ago

The Trump administration has issued an updated list of tariff rates targeting nearly 70 countries, set to take effect next week. This move comes after an intense four-month negotiating sprint with scores of U.S. trade partners aimed at finalizing reciprocal trade deals — some of which are now reflected in the revised tariff schedule.
Key changes include new tariff rates that will be implemented at 12:01 a.m. on August 7, instead of the previously announced Friday deadline. Notable rates include 15 percent for both Iceland and Israel, 30 percent for South Africa, 25 percent for India, 40 percent for Myanmar, 39 percent for Switzerland, and 20 percent for Taiwan and Vietnam.
Drawing Trump's Ire
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Brazil, the largest economy in South America, will face a steep tariff increase to 50% starting August 6, Trump announced on Wednesday. Back on April 2 during his "Liberation Day" statement, the president had warned that Vietnam could be hit with a 46% tariff.
However, earlier this month, Vietnam managed to negotiate a preliminary trade agreement with the U.S., resulting in a reduced tariff rate.
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Israel's updated tariff rate is now 2 percentage points lower than the 17 percent duty announced back in April — even though the country hasn't officially signed a deal with the White House.
In his executive order revising the reciprocal tariff rates on Wednesday, Trump said that some countries "have agreed to, or are on the verge of agreeing to, meaningful trade and security commitments with the United States."
On the other hand, he said some nations have either not pursued any deal at all or, despite participating in talks, have proposed terms that he believes don't adequately correct trade imbalances or fail to sufficiently support U.S. economic and national security interests.
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The highest tariff rates will be imposed on Syria at 41 percent, followed by Laos and Myanmar at 40 percent, Switzerland at 39 percent, and both Iraq and Serbia at 35 percent.
The revised list also includes a 35 percent tariff on Canadian imports, after Trump signed an order raising the existing rate by 10 percentage points.
According to the White House, countries not mentioned in the announcement will face a standard 10 percent tariff.
No Compromise Move
In the months leading up to Thursday's order, Trump had already finalized major trade deals covering roughly one-third of all U.S. trade. The president struck a major agreement with the European Union, setting a 15 percent tariff on EU goods during a visit to Scotland over the weekend.
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In return, the 27-member bloc agreed to buying $750 billion worth of U.S. energy and investing $600 billion into the American economy.
Preliminary trade arrangements were also reached ahead of the updated tariff rollout and the Friday deadline. These included a 10 percent tariff for the United Kingdom, a 19 percent rate for both the Philippines and Indonesia, and a 15 percent duty for Japan and South Korea.
"President Trump has reset decades of failed trade policy," read a statement released by the White House.
"Today's Order underscores President Trump's commitment to take back America's economic sovereignty by addressing the many nonreciprocal trade relationships that impact foreign relations, threaten our economic and national security, and disadvantage American workers."
White House press secretary Karoline Leavitt told reporters on Thursday that over 100 countries were still engaged in talks with the administration and were keen to secure reduced tariff rates.