U.S. President Donald Trump took action on Thursday by signing an executive order that enforces “reciprocal” tariffs ranging from 10 percent to 41 percent on U.S. imports from multiple countries and regions worldwide. This move, made shortly after 7 p.m. ET, followed a series of tariff-related developments in recent days, with agreements being announced by the White House ahead of the president’s set deadline.
Under the executive order, specific tariff rates were established, including 25 percent for exports from India to the U.S., 20 percent for Taiwan, and 30 percent for South Africa, as detailed in the order. Notably, Syria faced the highest tariff rate at 41 percent, while Laos and Myanmar were assigned a 40 percent tariff, and Switzerland was placed at 39 percent.
In a separate move, Trump also raised the tariff on Canadian goods to 35 percent, as previously warned. However, goods meeting the terms of the Canada-U.S.-Mexico Agreement (CUSMA) will be exempt from this tariff, allowing most of Canada’s exports to enter the U.S. without additional charges.
Key developments unfolded with other nations:
Mexico: Trump announced an extension of the existing trade deal with Mexico for 90 days, aiming to secure a new agreement. Notably, Mexico agreed to maintain tariffs on specific goods and eliminate non-tariff trade barriers.
South Korea: The U.S. imposed a 15 percent tariff on imports from South Korea, which was reduced from the initial 25 percent. In return, South Korea agreed to accept American products without imposing import duties and make investments in the U.S.
Brazil: Trump imposed a 50 percent tariff on Brazil, excluding certain sectors from the heavy levies, amid tensions with the country’s leadership.
Taiwan: Negotiations with Taiwan led to a reduced tariff rate of 20 percent, down from the initial 32 percent, with discussions focusing on collaboration in high-tech supply chains.
Lesotho: The African nation received a modified tariff rate of 15 percent, following threats of a 50 percent tariff, with the U.S. citing reciprocal tariffs due to Lesotho’s high tariffs on American goods.
New Zealand: New Zealand expressed concerns over the increased 15 percent tariff imposed by the U.S., seeking a revision based on trade deficit arguments.
India: Talks with India led to a potential 25 percent tariff, triggering backlash over access to India’s agriculture sector and Russian oil purchases.
European Union: An agreement with the EU involved imposing 15 percent duties on a significant portion of EU exports, pending final documentation to clarify the terms of the deal.
The U.S. and various countries engaged in negotiations and trade actions to address tariff-related issues, with ongoing developments shaping international trade policies.