President Donald Trump on Thursday evening signed an order outlining tariff levels against a host of countries, which will take effect in seven days.
Trump released an updated list of his proposed "reciprocal" tariffs against U.S. trading partners, with the list coming just hours before an August 1 deadline set by the president.
The list included the tariff rates set under recent trade deals between Washington and the targeted countries, such as a 10% tariff on the UK, and a 15% tariff on Japan, South Korea, and some goods from the European Union.
India will face a 25% levy, as outlined by Trump earlier, while Syria was slapped with the highest level of reciprocal tariffs, at 41%.
Laos and Myanmar will face 40% tariffs each, while Switzerland was slapped with a 39% tariff.
South Africa will face a 30% tariff, while Taiwan, Bangladesh, Vietnam, and Sri Lanka will face 20% tariffs.
The tariff levels outlined under Thursday's list are mostly lower than the tariffs initially proposed by Trump in early-April, and are aimed chiefly at countries holding large trade surpluses with the United States.
Countries not mentioned in Thursday's list, or those with a trade deficit or a minimal trade surplus will be subject to a 10% baseline levy, the White House said earlier on Thursday.
Trump also warned that any goods considered to be transshipped to avoid U.S. tariffs will be subject to an additional 40% levy.
Some countries will also be subjected to additional duties.
Earlier on Thursday, Trump signed an order raising his tariffs on Canada to 35% from 25%, chiding Ottawa's lack of response in stemming the flow of illegal substances into the United States. Trump had also criticized Canada's backing of Palestinian statehood.
Thursday's list outlined a 10% reciprocal tariff on Brazil, with Trump having earlier this week signed an order to impose a total of 50% tariffs on Brazilian goods. The U.S. president had criticized Brazil's prosecution of former President Jair Bolsonaro, drawing a sharp rebuke from President Luiz Inacio Lula da Silva.
Trump on Thursday granted Mexico a 90 day reprieve from his tariffs, as the country continued to negotiate with the United States.
Source: Investing.com
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