Key Takeaways
• President Trump’s executive order introduces higher tariffs starting August 7, with Canada facing an immediate 35% rate and Mexico’s increase delayed by 90 days.
• Countries with which the U.S. has a trade deficit will face tariffs starting at 15%, going up to 41% (e.g., Syria), while those with a surplus remain at 10%.
• Notable new rates for the promo industry include India at 25%, Vietnam and Bangladesh at 20%, Thailand and Indonesia at 19% and Switzerland at 39%. China remains at 55%, pending further negotiations.
President Donald Trump announced that higher tariff rates would go into effect for dozens of countries on Aug. 7 — the latest iteration of the “reciprocal” tariffs meant to counter trade imbalances with foreign countries, the president said in an executive order released Thursday.
A steeper 35% tariff rate on Canadian goods – up from the initially increased rate of 25% – will go into effect immediately on Aug. 1. Higher tariff rates on Mexico have been postponed for another 90 days.
The “universal” tariff rate for imports to the U.S. will remain at 10% (the level announced on April 2), a senior Trump administration official told CNN – but that’s only the case for countries with which the U.S. has a trade surplus, in line with Trump’s vocal support of American manufacturing and his opposition of being dependent on foreign factories.
Read the rest of this reporting on ASI Central.
