President Trump unveiled an updated slate of sweeping tariffs on Thursday, targeting imports from dozens of U.S. trading partners, in a major escalation of a potentially damaging global trade war without parallel in modern history.<\/p>\n
For the most part, Mr. Trump’s duties will take effect on Aug. 7, capping off months of haggling, tinkering and delay. The president enacted the new rates through a series of executive orders, some of which reflect preliminary trade deals struck recently with countries that offered favorable concessions to the United States.<\/p>\n
Together, the actions amount to an audacious gamble by the White House, which believes its policies can reset the world trading order, raise new federal revenue and pressure private businesses to make more of their products domestically.<\/p>\n
But Mr. Trump\u2019s campaign is only beginning \u2014 and whether he will succeed remains an open question with great consequence for the U.S. economy. The president’s trade brinkmanship has rattled financial markets around the world, and his tariffs threaten to raise prices on American consumers and businesses, who foot the bill for those duties when they import foreign goods.<\/p>\n
Here\u2019s where things stand.<\/p>\n
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Notes: The \u201cfentanyl\u201d tariffs on imports from Mexico and Canada only apply to goods not covered under the U.S.M.C.A. Brazil has an additional \u201cfree speech\u201d tariff, China has an additional \u201cfentanyl\u201d tariff. The president said that imports from India would face an additional penalty for the country\u2019s imports of Russian oil, in addition to the 25 percent Aug. 1 tariff. Some goods from the European Union may be subject to different tariff rates. New rates for E.U. countries are dependent on existing tariff rates on individual goods, and designed to be a minimum of 15 percent.<\/p>\n
On Thursday, Mr. Trump targeted dozens of countries that he accused of treating the United States unfairly on trade. Now, most of these countries are set to see new rates ranging between 15 and 50 percent.<\/p>\n
Some of these countries had faced the prospect of even steeper duties when the president began his trade war in the spring. At the time, Mr. Trump sought to impose \u201creciprocal tariffs,\u201d which he calibrated using a widely questioned methodology based on the size of the U.S. trade deficit with each country.<\/p>\n
But Mr. Trump, in the end, suspended those tariffs repeatedly before settling on the new import taxes that he announced on Thursday.<\/p>\n
Countries including Bolivia, Ecuador, Iceland and Nigeria will see tariff rates at 15 percent, while others including Sri Lanka, Taiwan and Vietnam will see their exports subject to duties of 20 percent. For India, the tariff rate will be 25 percent.<\/p>\n
Some of the highest tariffs apply to Brazil, which is now subject to <\/a>a tariff of 50 percent<\/a>.<\/p>\n Mr. Trump first targeted Brazil in a searing letter that attacked that country\u2019s leaders for their <\/a>treatment of former President Jair Bolsonaro<\/a>, an ally of Mr. Trump\u2019s who is facing charges for inciting a coup.<\/p>\n Some countries have not been targeted with specific new tariff threats. Instead, they are subject to a flat, 10 percent tariff on all imports into the United States, under an order Mr. Trump signed earlier this year.<\/p>\n Mr. Trump initially sought to broker 90 deals in 90 days, as one of his advisers described it. While the White House would ultimately fall far short of that goal, the president did manage to strike a series of preliminary trade agreements with a handful of nations, including those in the European Union, before his self-imposed Aug. 1 deadline.<\/p>\n Each of the deals set those countries\u2019 tariffs at 15 percent or higher, lowering what would have been steeper duties in exchange for favorable trade concessions and new promises to invest in the United States. But details of many of those agreements remain scant, and in some cases, they still need to be negotiated.<\/p>\n On Wednesday, Mr. Trump said he brokered a deal with South Korea, setting tariffs on its exports at 15 percent. South Korea pledged to open its markets to American goods, invest in the United States and purchase more of its energy.<\/p>\n Last week, the president inked a preliminary agreement with the European Union that set a 15 percent tariff on most of the bloc\u2019s goods, including cars and pharmaceuticals. While E.U. officials similarly pledged to purchase U.S. energy and make new investments, the bloc\u2019s leaders later suggested that the financial commitments were less rigid<\/a> than they appeared.<\/p>\n White House officials previously announced similar framework agreements with Britain, Vietnam, the Philippines, Indonesia and Japan. The deal with Indonesia, which Mr. Trump also announced last week, set its tariff rate at 19 percent. For several countries, the deals impose higher duties on goods that use a significant portion of parts or raw materials from countries including China and Russia.<\/p>\n \u201dReciprocal\u201c Rate increases as China punches back<\/p>\n<\/li>\n Negotiated truce rate<\/p>\n<\/li>\n<\/ul>\n Feb. 1<\/p>\n March 4<\/p>\n April 2<\/p>\n May 12<\/p>\n<\/ul>\n The United States has set a 30 percent baseline tariff on imports from China under an agreement in May that walked back, at least for now, a highly damaging tit-for-tat escalation of duties between the two superpowers. (Other tariffs may also apply to Chinese goods.)<\/p>\n The deadline for the current rate to expire is Aug. 12, though American officials say they may push the date as talks continue.<\/p>\n Mr. Trump has said that tariffs could rise again without a new deal. But he signaled that it would be less than the 145 percent rate the U.S. government had imposed at one point in April, as the two sides escalated trade penalties on each other. China has long been a target for Mr. Trump, dating back to his first term. Upon returning to office, he initially sought to penalize Beijing for failing to stem the flow of fentanyl into the United States.<\/p>\n On Thursday, Mr. Trump announced that Canada would face a tariff of 35 percent, up from 25 percent, beginning Friday. Mexico, meanwhile, would not see another increase to its tariffs for the next 90 days, as the two sides continued negotiating. In both cases, White House officials signaled they would exempt some goods that were already covered by a trade deal brokered by the three countries during the president\u2019s first term.<\/p>\n Mr. Trump targeted Canada and Mexico in February, announcing a 25 percent import tax on all arriving goods, which the president justified by saying the two nations had not sufficiently helped to combat the flow of fentanyl. Facing blowback domestically and abroad, he later paused and modified that arrangement to exempt items that are covered under the U.S.-Mexico-Canada Agreement, or U.S.M.C.A.<\/p>\n Share of imports entering under U.S.M.C.A. trade deal <\/p>\n These broad tariffs are separate from duties that Mr. Trump has imposed on specific imports and industries, including foreign cars and auto parts. Those tariffs also affect Canada and Mexico, with some key exceptions for products covered by U.S.M.C.A.<\/p>\n 50<\/p>\n About 20 percent of steel is imported<\/a>.<\/p>\n<\/li>\n 50<\/p>\n Half of aluminum imports come from<\/a> Canada.<\/p>\n<\/li>\n 25<\/p>\n Nearly half<\/a> of all vehicles sold in the United States are imported.<\/p>\n<\/li>\n 50<\/p>\n The tariffs are narrower in scope<\/a> than expected and do not affect raw materials.<\/p>\n<\/li>\n \u2014<\/p>\n The United States is the largest buyer of Canadian lumber.<\/p>\n<\/li>\n \u2014<\/p>\n A number of Asian countries are major sources.<\/p>\n<\/li>\n \u2014<\/p>\n China and India are major suppliers<\/a> of generic medications.<\/p>\n<\/li>\n \u2014<\/p>\n Mexico and Canada account for 80 percent<\/a> of imports.<\/p>\n<\/li>\n \u2014<\/p>\n China controls the world market<\/a> for rare-earth minerals.<\/p>\n<\/li>\n \u2014<\/p>\n The aerospace industry relies on<\/a> specialized global suppliers.<\/p>\n<\/li>\n \u2014<\/p>\n\n
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