Hours before the deadline to reach a trade deal, the White House announced new tariffs on dozens of countries, which will take effect on August 7.
The US president has signed an executive order imposing new measures on countries with which he has concluded trade agreements, reinforcing those for countries with which he has reached an agreement, including the European Union, and dealing a new blow to Canada with a significant increase in tariffs.
But despite concerns in Europe and the lack of unanimity, the agreement reached by the US President and European Commission President Ursula von der Leyen in Scotland has remained firm. Among the long list of countries affected by the measures, the European Union remains with a 15% tariff, as agreed in the bilateral meeting between the two leaders. Tariffs for Japan, at 15%, and for the UK, at 10%, have also been confirmed.
However, Canada has been penalized with an increase from 25% to 35%, "in response to Ottawa's continued inaction and retaliation."
Switzerland has also been hit with a higher tariff than the one announced on April 2, at 39%. Ontario Premier Doug Ford has urged Canadian Prime Minister Mark Carney not to back down.
Tariffs for India remain unchanged at 25% and for South Korea at 15%. The list released by the White House also specifies that goods imported from any country in the world will be subject to a 10% tariff, with the exception of goods from 92 countries listed in an annex, which are subject to higher tariffs.
The highest tariff applies to products from Syria, which will be taxed at 41%. Brazil is still subject to a 10% tariff, but an earlier order signed by Trump on Thursday afternoon added an additional 40% tariff on certain goods to punish President Lula, in response to the trial of former President Jair Bolsonaro.
In addition to the new tariffs imposed on each country, Trump's executive order also imposes a 40% tariff on any goods that U.S. Customs and Border Protection determines have been "transported" to avoid higher tariffs elsewhere. This occurs primarily when goods made in China are shipped to another country and repackaged.
US President Donald Trump first announced his tariff plan in April, causing chaos in the global economy. But he put it on hold so countries could negotiate new trade deals, which include the UK and the EU.
Tariffs mean that companies that bring foreign goods into the US will have to pay taxes to the government, and experts say these companies could pass the costs on to consumers.
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