President Trump has announced tariff rates for several trade partners following the expiration of the trade agreement deadline on August 1.
Trump signed an order establishing a minimum baseline rate of 10% for all partners. However, he also imposed broad new tariffs on other countries, including a 35% increase on close trading partner Canada.
Trump gave Mexico, the US’s biggest trading partner, a 90-day delay on increased tariffs to provide additional time for negotiations.
The tariffs on Canada go into effect Friday, while many of the other “reciprocal” rates take effect August 7.
Trump’s August 1 tariff rates include:
A 15% tariff on EU imports.
EU Trade Commissioner Maros Sefcovic posted on X: “The new U.S. tariffs reflect the first results of the EU-US deal, esp. the 15% all-inclusive tariff cap. EU exporters now benefit from a more competitive position. The work continues.”
39% tariff on Switzerland.
In an address at a Swiss National Day event, Switzerland’s foreign minister, Ignazio Cassis, said, “It is with great regret that we had to take note of President Trump’s new decision on tariffs. We are not discouraged and continue to strive for an agreement in the interests of both sides.”
A 20% tariff on Bangladesh, down from the 37% initially proposed by the Trump administration.
The tariff announcement provides relief to exporters in the world’s second-largest garment supplier, with Muhammad Yunus, the head of the country’s interim government, describing it as a “decisive diplomatic victory.”
India faces 25% tariffs on its exports after negotiations stalled, along with an additional “penalty” due to the country’s close ties with Russia.
By CEO NA Editorial Staff
