Photo credit: Mark Schiefelbein/The Associated Press
Trump imposed tariffs on dozens of U.S. trading partners, including 69 countries, while finalizing deals with the UK and EU.
The tariffs ranged in severity, with Syria facing the highest rate at 41%, and Canada set to receive a 35% levy starting August 7, News.Az reports iting foreign media.
IN NUMBERS
Sixty-nine countries face new US tariffs.
41%: Highest rate, applied to Syria.
25%: Tariff on select Indian exports.
10%: Global minimum rate.
~15%: New average US tariff rate — six times higher than last year.
19 countries see higher duties; 42 get reductions; 8 unchanged.
The United States has changed tariff rates on some of its biggest trade partners. Several Asian economies, including Japan, South Korea, Taiwan, and Vietnam, will see lower duties. India’s rate is trimmed slightly to 25%. The UK and Brazil remain at 10%. Switzerland faces a sharp rise to 39%, the highest among major partners. Thailand’s rate is cut nearly in half. The new rates take effect on August 7 as part of the US push to reset trade terms.
For some, the revisions offer relief. Forty-two trading partners will see lower rates than earlier proposals, reflecting concessions in negotiations. But 19 countries face steeper tariffs. The White House says the measures reward cooperation and punish resistance to US trade demands. Markets reacted cautiously. Asian currencies and stock indexes dipped, with the Taiwan dollar down for a seventh straight day and the Swiss franc slipping. But the muted response suggests traders had already priced in much of the shift ahead of the August 1 deadline Trump had signalled.
The US targets countries based on their trade balance. Countries that buy more US goods face a 10 per cent tariff, while those with a small surplus face 15 per cent. Others face higher duties.
Trump’s new rates are one of the biggest protectionist moves in US policy since the 1930s. Trump’s negotiations ended with new rates similar to or lower than those on April 2.