President Donald Trump signed an executive order implementing “reciprocal” tariffs ranging from 10% to 41% on U.S. imports from various countries and regions. The order was issued in the evening following a series of tariff-related activities and agreements with nations and blocs before the president’s self-imposed deadline.
The tariffs set were as follows: 25% for India, 20% for Taiwan, and 30% for South Africa. Meanwhile, Syria faced a 41% rate, with Laos and Myanmar at 40%, and Switzerland at 39%.
In a separate move, Trump raised tariffs on Canadian goods to 35%, though goods complying with the Canada-U.S.-Mexico Agreement would be exempt from the tariff, allowing most Canadian exports to cross the border tariff-free.
Key developments included an extension of trade talks with Mexico for 90 days, maintaining tariffs on Mexico for Fentanyl, cars, steel, aluminum, and copper. South Korea agreed to a 15% tariff reduction, allowing American products into its markets. Brazil faced a 50% tariff, while Taiwan negotiated a reduction from 32% to 20%. Lesotho received a 15% tariff, and New Zealand faced a 15% tariff increase. India faced a 25% tariff threat, triggering backlash and currency fluctuations.
The European Union reached a political agreement for 15% duties on most of its produce, with ongoing negotiations to finalize the terms. The EU anticipated a 15% tariff on most exports, pending completion of the agreement documentation.
These tariff updates marked significant shifts in international trade relations, impacting various economies and sectors worldwide.
