US President Donald Trump has signed an executive order unveiling new reciprocal tariffs on numerous countries.
The tariffs range from 10%-41%, applying to dozens of countries around the world. The order lists higher import duty rates starting tart in seven days for 69 trading partners. The United Kingdom was among several countries not listed in the order, meaning it will remain on a 10% tariff.
Other major countries committed include China, as negotiations between Beijing and Washington continue, and Canada, hit with a 35% tariff as of today (August 1).
Full List of new Trump tariffs:
Afghanistan – 15%
Algeria – 30%
Angola – 15%
Bangladesh – 20%
Bolivia – 15%
Bosnia and Herzegovina – 30%
Botswana – 15%
Brazil – 10%
Brunei – 25%
Cambodia – 19%
Cameroon – 15%
Chad – 15%
Costa Rica – 15%
Côte d`Ivoire – 15%
Democratic Republic of the Congo – 15%
Ecuador – 15%
Equatorial Guinea – 15%
European Union: Goods with Column 1 Duty Rate > 15%* – 0%
** – 15%
Falkland Islands – 10%
Fiji – 15%
Ghana – 15%
Guyana – 15%
Iceland – 15%
India – 25%
Indonesia – 19%
Iraq – 35%
Israel – 15%
Japan – 15%
Jordan – 15%
Kazakhstan – 25%
Laos – 40%
Lesotho – 15%
Libya – 30%
Liechtenstein – 15%
Madagascar – 15%
Malawi – 15%
Malaysia – 19%
Mauritius – 15%
Moldova – 25%
Mozambique – 15%
Myanmar (Burma) – 40%
Namibia – 15%
Nauru – 15%
New Zealand – 15%
Nicaragua – 18%
Nigeria – 15%
North Macedonia – 15%
Norway – 15%
Pakistan – 19%
Papua New Guinea – 15%
Philippines – 19%
Serbia – 35%
South Africa – 30%
South Korea – 15%
Sri Lanka – 20%
Switzerland – 39%
Syria – 41%
Taiwan – 20%
Thailand – 19%
Trinidad and Tobago – 15%
Tunisia– 25%
Turkey – 15%
Uganda – 15%
United Kingdom – 10%
Vanuatu – 15%
Venezuela – 15%
Vietnam – 20%
Zambia – 15%
Zimbabwe – 15%
Trump has promised that his tax hikes on the nearly $3 trillion in goods imported to the United States will usher in newfound wealth, launch a cavalcade of new factory jobs, reduce the budget deficits and, simply, get other countries to treat America with more respect.
“Tariffs are making America GREAT & RICH Again,” he said Thursday morning on Truth Social.
Some criticised the approach by the US president, arguing it could impose harms gradually over time that would erode America’s power and prosperity.
“The only things we’ll know for sure on Friday morning are that growth-sapping U.S. import taxes will be historically high and complex, and that, because these deals are so vague and unfinished, policy uncertainty will remain very elevated,” said Scott Lincicome, a vice president of economics at the Cato Institute. “The rest is very much TBD.”
While the UK is hit with 10% tariffs, while most of the European Union will see 15% tariffs on its goods – down from Trump’s initial 30% threat.
This has pleased a number of Brexiteers in the UK who argue that the UK’s decision to leave the European Union has been vindicated.
Dominic Cummings, the campaigner who masterminded the Brexit campaign, said: “Thanks to Brexit we’re outside this humiliating disaster for the EU and the many more to come.”