WASHINGTON: US President Donald Trump has signed an executive order imposing additional tariffs on over 70 countries. The new tariffs, ranging from 10% to 41%, have now come into effect. The tariff rate on Canada has been increased from 25% to 35%, with the administration citing Canada’s failure to address the illegal drug crisis as the reason.
India has been hit with a 25% additional tax. The Trump administration’s stance is that these tariffs are a response to long-standing imbalances in trade practices. The new tariff rates will take effect seven days after the order was signed. Goods loaded onto ships before August 7 and arriving in the US before October 5 will not be subject to the new rates. However, the 35% tariff on Canadian imports came into effect on August 1.
Trump had previously warned countries to finalize trade agreements before August 1. The new tariffs are as follows: Syria 41%, Laos, Myanmar (Burma) 40%, Switzerland 39%, Iraq, Serbia 35%, Algeria, Bosnia and Herzegovina, Libya, South Africa 30%, India, Brunei, Kazakhstan, Moldova, Tunisia 25%, Bangladesh, Sri Lanka, Taiwan, Vietnam 20%, Pakistan, Malaysia, Indonesia, Cambodia, Philippines, Thailand 19%, Nicaragua 18%, Israel, Japan, Turkey, Nigeria, Ghana 15%, Brazil, Britain, Falkland Islands 10%.
For the European Union, the new tariffs will not apply to goods with a US tariff rate of more than 15%. However, for goods with a tariff rate of less than 15%, the new tariff will be adjusted by subtracting 15% from the current rate.
