Tariffs Raised on Most Nations
U.S. President Donald Trump has signed new executive orders that modify import tariffs. The new tariffs apply to almost 70 nations. These modifications include retaliatory tariffs that now vary between 10 percent and 41 percent. Syria is confronted with the highest tariff of 41 percent.
Tariff Modifications for Major Nations
- Canada: Tariff from 25 percent to 35 percent.
- Brazil: Tariff rose by 40 percent, in addition to the earlier 10 percent.
- India: A tariff of 25 percent has been imposed.
Tariff Reduction for Pakistan
One of the only countries to receive a tariff reduction is Pakistan. The Pakistani import rate has been decreased from 29 percent to 19 percent.
Default Tariff Rate Set for Other Countries
A 10 percent tariff will be used for the imports of countries not mentioned in the executive order.
Effective Dates and Trade Deal Context
Trump had earlier indicated an August 1 deadline for securing fresh trade agreements. These tariff adjustments come on the heels of that statement. The new tariffs go into effect seven days from the order. Tariffs on India and Canada, however, are scheduled to kick-start on August 1 as already established.
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