Topline
President Donald Trump’s so-called reciprocal tariffs on nearly all key U.S. trading partners will go into effect on August 7—a week later than his self-imposed deadline of August 1—as the president signed an executive order on Thursday night setting revised rates for 68 countries and the European Union.
Trump’s order outlines updated tariff rates for 67 countries, the European Union and Taiwan, ranging between 10% and 41%.
Countries not listed in the order will face a baseline tariff rate of 10%—which is in line with Trump’s April 2 “Liberation Day” announcement.
The new order does not cover rates for China, which is still engaged in tariff negotiations with the U.S. government, and Mexico, which was given a 90-day extension on an earlier deal while trade talks with the U.S. continue.
It is unclear why the tariffs were pushed from August 1 to August 7, but this will likely heighten uncertainty for key trading partners, who now have an additional week to negotiate lower rates.
Syria, Laos and Myanmar will face the highest reciprocal tariff rates of 40 to 41% as per Thursday’s order.
Canada is one of the countries, not mentioned in Trump’s reciprocal tariffs order. In a separate announcement, the White House said Canada will face a 35% tariff rate—up from an earlier 25%—for goods not covered under the United States-Mexico-Canada Agreement (USMCA). Unlike other tariffs that are labeled as “reciprocal” the White House claims the levies placed on Canada are in response to the flow of fentanyl and other illicit drugs across the northern border. The White House claims the levies on the northern neighbor have been raised because, “Canada has failed to cooperate in curbing the ongoing flood of fentanyl and other illicit drugs, and it has retaliated against the United States for the President’s actions.” In a statement responding to the higher tariffs, Canada’s Prime Minister Mark Carney expressed disappointment and said: “The United States has justified its most recent trade action on the basis of the cross-border flow of fentanyl, despite the fact that Canada accounts for only 1% of U.S. fentanyl imports and has been working intensively to further reduce these volumes.”
The revised tariff are as follows:
Afghanistan: 15%, up from the 10% announced on “Liberation Day.”
Algeria: 30% same as “Liberation Day”
Angola: 15%, down from 32% announced on “Liberation Day.”
Bangladesh: 20% down from 37% announced on “Liberation Day.”
Bolivia: 15% up from the 10% announced on “Liberation Day.”
Bosnia and Herzegovina: 30% down from 35% announced on “Liberation Day.”
Botswana: 15% down from 37% announced on “Liberation Day.”
Brazil: 10% same as “Liberation Day,” but the country faces an additional 40% due to the ongoing criminal prosecution of Trump’s ally and the country’s former President Jair Bolsonaro.
Brunei: 25% up from 24% announced on “Liberation Day.”
Cambodia: 19% down from 49% announced on “Liberation Day.”
Cameroon: 15% up from 11% announced on “Liberation Day.”
Chad: 15% up from 13% announced on “Liberation Day.”
Costa Rica: 15% up from 10% announced on “Liberation Day.”
Côte d`Ivoire: 15% down from 21% announced on “Liberation Day.”
Democratic Republic of the Congo: 15% up from 11% announced on “Liberation Day.”
Ecuador: 15% up from 10% announced on “Liberation Day.”
Equatorial Guinea: 15% up from 13% announced on “Liberation Day.”
European Union: 15% down from 20% announced on “Liberation Day” and 30% threatened last month.
Falkland Islands: 10% down from 41% announced on “Liberation Day.”
Fiji: 15% down from 32% announced on “Liberation Day.”
Ghana: 15% up from 10% announced on “Liberation Day.”
Guyana: 15% down from 38% announced on “Liberation Day.”
Iceland: 15% up from 10% announced on “Liberation Day.”
India: 25% down from 26% announced on “Liberation Day.”
Indonesia: 19% down from 32% announced on “Liberation Day.”
Iraq: 35% down from 39% announced on “Liberation Day.”
Israel: 15% down from 17% announced on “Liberation Day.”
Japan: 15% down from 24% announced on “Liberation Day.”
Jordan: 15% down from 20% announced on “Liberation Day.”
Kazakhstan: 25% down from 27% announced on “Liberation Day.”
Laos: 40% down from 48% announced on “Liberation Day.”
Lesotho: 15% down from 50% announced on “Liberation Day.”
Libya: 30% down from 31% announced on “Liberation Day.”
Liechtenstein: 15% down from 37% announced on “Liberation Day.”
Madagascar: 15% down from 47% announced on “Liberation Day.”
Malawi: 15% down from 17% announced on “Liberation Day.”
Malaysia: 19% down from 24% announced on “Liberation Day.”
Mauritius: 15% down 40% announced on “Liberation Day.”
Moldova: 25% down from 31% announced on “Liberation Day.”
Mozambique: 15% down from 16% announced on “Liberation Day.”
Myanmar (Burma): 40% down from 44% announced on “Liberation Day.”
Namibia: 15% down from 21% announced on “Liberation Day.”
Nauru: 15% down from 30% announced on “Liberation Day.”
New Zealand: 15% up from 10% announced on “Liberation Day.”
Nicaragua: 18% same as “Liberation Day.”
Nigeria: 15% up from 14% announced on “Liberation Day.”
North Macedonia: 15% down from 33% announced on “Liberation Day.”
Norway: 15% same as “Liberation Day.”
Pakistan: 19% down from 29% announced on “Liberation Day.”
Papua New Guinea: 15% up from 10% announced on “Liberation Day.”
Philippines: 19% up from 17% announced on “Liberation Day.”
Serbia: 35% down from 37% announced on “Liberation Day.”
South Africa: 30% same as “Liberation Day.”
South Korea: 15% down from 25% announced on “Liberation Day.”
Sri Lanka: 20% down from 44% announced on “Liberation Day.”
Switzerland: 39% up from 31% announced on “Liberation Day.”
Syria: 41% same as “Liberation Day.”
Taiwan: 20% down from 32% announced on “Liberation Day.”
Thailand: 19% down from 36% announced on “Liberation Day.”
Trinidad and Tobago: 15% up from 10% announced on “Liberation Day.”
Tunisia: 25% down from 28% announced on “Liberation Day.”
Turkey: 15% up from 10% announced on “Liberation Day.”
Uganda: 15% up from 10% announced on “Liberation Day.”
United Kingdom: 10% same as “Liberation Day.”
Vanuatu: 15% down from 22% announced on “Liberation Day.”
Venezuela: 15% same as “Liberation Day.”
Vietnam: 20% down from 46% announced on “Liberation Day.”
Zambia: 15% down from 17% announced on “Liberation Day.”
Zimbabwe: 15% down from 18% announced on “Liberation Day.”
The revised tariffs have drawn mixed reactions from U.S. trading partners, with some leaders still holding out hopes for a better deal. Thailand’s Deputy Prime Minister tweeted: “The announcement of the 19% tariff rate reflects the strong friendship and close partnership between Thailand and the United States.” Hun Manet, the prime minister of Cambodia wrote on Facebook the lowered 19% rate for his country was “great news for the people and the economy of Cambodia to continue develop our nation.” Taiwanese president Lai Ching-te called the lowering of tariffs from 32% to 20% was a “stage achievement” by Taiwan’s negotiation team but added that “from the very beginning, 20 percent has never been Taiwan's goal in the negotiations...The team will continue its efforts in the talks, and the U.S. government has expressed its willingness to continue the discussions.” Norwegian Prime Minister Jonas Gahr Støre said the 15% levy imposed on his country was a preliminary number and “we are negotiating further.” Støre added “I think there should be zero tariffs. That is the Norwegian principled view.”
In a statement accompanying the order, the White House said: “President Trump is using tariffs as a necessary and powerful tool to put America First after many years of unsustainable trade deficits that threaten our economy and national security.”
This is a developing story.