Key points
- Trump imposes tariffs of between 15 and 41pc on goods shipped to US from over 67 countries
- Trump sets 25pc tariff rate on India
- Switzerland face a significant tariff hike to 39pc
- Trump separately hiked tariffs on Canadian goods to 35pc
ISLAMABAD: United States (US) President Donald Trump signed an executive order on Thursday evening to impose tariffs of between 15 and 41 per cent on goods shipped to the US from more than 67 countries.
According to Politico, the new duties, however, would not go into effect until August 7 — giving countries yet another window to try to negotiate them down.
According to the text of the first order, the Trump administration is maintaining its 10 per cent so-called baseline tariff on countries where the US has a trade surplus — i.e. it sells more American products to those countries than it imports from them, Politico reported.
Reuters reported that Trump set 25 per cent tariff rate on India. Earlier, on Wednesday, Trump said that US will impose a 25 percent tariff on goods from India, plus an additional import tax because of India purchasing Russian oil, according to AP.
EU, Japan, South Korea
The first order further said: And it officially imposes the 15 per cent rate that Trump agreed to set as part of negotiations with leading trading partners like the European Union, Japan and South Korea. The Philippines, Vietnam and Indonesia also reached tentative agreements with the administration that set their duties at 19-20 per cent, according to Politico.
Trading partners
Other nations, mainly smaller economies, face far higher rates, topping out at 41 per cent for Syria, which is emerging from a civil war, and 40 per cent for Myanmar, which is still in the midst of one. The Southeast Asian nation of Laos also faces a 40 per cent tariff, and Iraq will be hit with a 35 per cent duty.
Bigger trading partners such as Switzerland also face a significant tariff hike — to 39 per cent.
Trump separately hiked tariffs on Canadian goods to 35 per cent. Canada and Mexico face a separate tariff regime. But exemptions remain for imports entering the United States under a North American trade pact, according to AFP.
White House officials said Thursday night that they expect to strike additional agreements with countries ahead of the new August 7 implementation date for the tariffs. “We have some deals, and I don’t want to get ahead of the president on those deals,” Politico cited the senior administration official as saying. US has temporarily announced a 20 per cent tariff rate for Taiwan,” President Lai said.
