Trump Sets New Tariffs on Dozens of Countries’ Exports
TEHRAN (Tasnim) - US President Donald Trump signed an executive order reimposing “reciprocal tariffs” ranging from 10 percent to 41 percent on US imports from dozens of countries and foreign locations.
Separately, Trump also signed an executive order late on Thursday that increased tariffs on certain Canadian goods, with the White House accusing Ottawa of failing to “cooperate in curbing the ongoing flood of fentanyl and other illicit drugs” entering the US.
In a statement on Thursday titled “Further Modifying the Reciprocal Tariff Rates”, the US listed some 69 trading partners and their respective “adjusted” tariff rates.
US-bound exports from some of Washington’s major trading partners --including Australia and the United Kingdom-- will be subject to a baseline rate of 10 percent. Others trade partners will see tariffs of 15 percent or more, Al Jazeera reported.
Trump cited the “continued lack of reciprocity in our bilateral trade relationships” in a statement on the White House website announcing the reimposition of the tariffs.
“I have determined that it is necessary and appropriate to deal with the national emergency declared in Executive Order 14257 by imposing additional ad valorem duties on goods of certain trading partners,” he said.
Most of the announced tariffs will not go into effect until August 7, except for tariffs on Canada, which go into effect on August 1.
The White House said the delay will give Customs and Border Protection time to adjust to the changed environment.
Trump has already hit pause on the tariffs several times since he first announced his April 2 “Liberation Day” tariffs on most US trade partners.
The July 31 tariffs retain a 10 percent “universal tariff” for most countries with which the US holds a trade surplus, or where the US exports more goods than it receives.
The major changes were for countries with which the US holds a trade deficit, or where the US sells fewer goods than it receives.
These countries face a base 15 percent tariff, although rates vary depending on whether they reached a deal with the White House or how Trump feels about their economy.
The White House previously announced tariff agreements with the European Union, Japan, the Philippines, Indonesia, South Korea, Vietnam, Cambodia, Pakistan, Thailand and the UK. It is also setting separate tariffs for key industries and exports such as semiconductors, automotive, auto parts, steel and aluminum.
