Starting today, new sweeping “reciprocal” tariffs are now in effect on over 90 countries.
The new wave of tariffs establishes a 15% baseline rate, affecting dozens of countries, including key trading partners like the European Union, South Korea, and Japan.
Today, Brazil will face one of the highest U.S. tariff rates in the world at 50%. India is also set to be hit with a 50% rate starting from August 27. However, today the country officially receives a 25% tariff increase on its exports.
Canada, Mexico, and China are not seeing changes in their rates this week, as each country is on a different negotiation schedule.
President Trump wrote on Truth Social to announce the deadline: “IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!”
On Wednesday, speaking from the White House, the President also indicated he is contemplating a 100% tariff on “all chips and semiconductors imported into the United States,” with an exemption for companies that pledge to manufacture within the country.
After Trump’s announcement, Toyota Motor projected a nearly $10 billion profit drop due to President Trump’s tariffs on imported U.S. vehicles, marking the largest loss estimate among foreign companies.
Following the expiration of the tariff deadline, Asian markets stayed robust, with key stock indexes in Japan, Hong Kong, South Korea, and mainland China opening higher.
By CEO NA Editorial Staff
