An executive order, which will impose "reciprocal tariffs" on multiple US trade partners, including India, was signed by President Donald Trump on Thursday. It introduces new tariffs on as many as 68 countries and 27 member nations of the European Union (EU), and will come into effect from August 7. The rate of tariffs ranges from 10% to 41% on imports into the United States.
This recent trade move by Donald Trump will confront the global economy and likely affect the long-term alliances of the US with dozens of countries and foreign territories.
According to a senior White House official, the increased tariffs, which are scheduled to take effect on August 7, were delayed to allow customs and border authorities sufficient time to implement the new changes.
The 10% to 41% range of tariffs is for the 68 countries and 27 member EU countries mentioned in the list. Those not specifically listed will be charged with a default tariff rate of 10%. While the US will extend trade talks with Mexico for an additional 90 days, as said by Trump in a separate announcement. Trade agreements with a few countries have already been met, while some of them still face uncertainty. Some manufacturers and companies across the world are already preparing for a price rise and an increase in operational costs.
Full list of countries impacted by US tariffs (with rates) COUNTRIES RATES India 25% Afghanistan 15% Algeria 30% Angola 15% Bangladesh 20% Bolivia 15% Bosnia & Harzegovina 30% Botswana 15% Brazil 10% Brunei 25% Cambodia 19% Cameroon 15% Chad 15% Costa Rica 15% Cote d'Ivore 15% Democratic Republic of Congo 15% Ecuador 15% Equatorial Guinea 15% European Union Goods with Column 1 duty rate > 15% - 0% European Union Goods with Column 1 duty rate < 15% - 15% minus Column 1 duty rate Falkland Islands 10% Fiji 15% Ghana 15% Guyana 15% Iceland 15% 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 & Tobago 15% Tunisia 25% Turkey 15% Uganda 15% United Kingdom 10% Vanuatu 15% Venezuela 15% Vietnam 20% Zambia 15% Zimbabwe 15%
Donald Trump's broad changes introduced in the US Trade policy have been challenged internally. Appeal court judges have raised concerns over the legal justification of the tariffs (the most far-reaching to date).