1 Aug 2025: President Donald Trump on Thursday announced a broad set of new tariffs, including a 10% global minimum rate and elevated duties of 15% or more for nations running trade surpluses with the United States.
In a move ahead of a Friday trade deal deadline, Donald Trump imposed steep tariffs on dozens of trading partners — including 35% on many Canadian goods, 50% on Brazilian exports, 25% on Indian products, 20% on Taiwanese goods, and 39% on items from Switzerland.
The new tariffs, laid out in an executive order, range from 10% to 41% and are set to take effect in seven days. They apply to 69 trading partners (68 nations + European Union), with some having negotiated tariff-reducing deals and others given no opportunity to engage with the administration.
According to the order, any country not listed in an annexe would face a default US import tariff of 10%.
Trump said in the order that certain countries, “despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters.”
He also issued a separate directive raising the tariff on Canadian goods linked to fentanyl-related concerns from 25% to 35%, accusing Canada of having “failed to cooperate” in addressing the flow of fentanyl into the United States.
A US official told reporters that additional trade agreements had yet to be announced, as the newly implemented “reciprocal” tariffs were about to come into effect.
“We have some deals,” the official said. “And I don’t want to get ahead of the President of the United States in announcing those deals.”
Top 10 countries hit hardest
Syria – 41%
Laos – 40%
Myanmar (Burma) – 40%
Switzerland – 39%
Iraq – 35%
Serbia – 35%
Algeria – 30%
Bosnia and Herzegovina – 30%
Libya – 30%
South Africa – 30%
Trump spares Mexico from tariff hike, slams Canada
Speaking about the sharp tariffs on Canadian exports – Canada being America’s second-largest trading partner after Mexico — the official said that Canadian representatives “haven’t shown the same level of constructiveness that we’ve seen from the Mexican side.”
Mexico received an extension that prevents a 30% tariff on most of its non-automotive and non-metal exports that meet USMCA (United States-Mexico-Canada Agreement) rules. This decision followed a call on Thursday morning between Trump and Mexican President Claudia Sheinbaum.
“We avoided the tariff increase announced for tomorrow,” Sheinbaum posted on X, describing the conversation with Trump as “very good.”
According to Mexico’s economy ministry, about 85% of Mexican exports to the US meet USMCA rules of origin, shielding them from 25% fentanyl-related tariffs.
Trump confirmed that the United States would maintain a 50% tariff on Mexican steel, aluminium and copper, as well as a 25% tariff on Mexican cars and on goods that fall outside the USMCA framework but are subject to fentanyl-related duties.
Summary:
Trump’s proposed US tariffs target major exporting nations like India, China, and Germany, impacting global trade with duties on key sectors including autos, tech, and metals.