Trump unveils tariff rates set to take

 

Following his self-imposed August 1 deadline for new trade deals, President Trump has unveiled a new set of tariffs on imports from dozens of countries, set

to take effect in the coming days. The new tariffs, which range from 10% to 41%, are part of the administration’s “reciprocal tariff” policy aimed at

addressing what it considers unfair trade deficits.

Here’s a breakdown of the new tariff rates for some key trading partners:

Canada: Tariffs on Canadian goods will increase from 25% to 35%. The White House cited Canada’s alleged failure to cooperate in curbing the flow of fentanyl into the U.S. as a reason for the hike.

Mexico: Mexico received a 90-day extension on higher tariffs after a call between President Trump and President Claudia Sheinbaum. The current 25% tariff on many goods will remain in place for now.

India: Imports from India will face a 25% tariff. The administration has also threatened an additional penalty due to India’s continued purchases of Russian oil and military equipment.

China: A temporary truce on tariffs with China is set to expire on August 12.

European Union: A deal has been reached where most EU goods will be subject to a 15% tariff. However, goods with existing duties above 15% are exempt.

United Kingdom: The UK will face a 10% tariff on most imports.

Japan: Japan has agreed to a 15% tariff rate on its exports to the U.S.

Other countries: Countries with significant trade surpluses with the U.S. have been hit with some of the steepest tariffs. For instance, Syria faces a 41% tariff, while Laos and Myanmar face a 40% tariff. Countries not specifically listed will be subject to a 10% baseline tariff.

The administration argues that these tariffs will promote domestic manufacturing, protect national security, and generate federal revenue.

However, economists and other nations have expressed concerns that the tariffs could lead to higher prices for American consumers and businesses and spark further trade conflicts. The average U.S. tariff rate has already risen dramatically during the first half of the year, with tariff