01 August 2025 Today Update

President Donald Trump signed an executive order on July 31, 2025, imposing a new set of "reciprocal tariffs" on a wide range of trading partners. These tariffs, which are set to go into effect in seven days, on August 7, 2025, range from 10% to 41%.

Key points from the update:

* The new tariffs are a follow-up to previous tariffs announced in April and are part of Trump's broader trade agenda.

* The tariffs vary by country, with the rates based on a country's trade deficit and "strategic alignment" with the U.S.

* Countries facing some of the highest tariffs include Syria (41%), Switzerland (39%), and Canada (35% on certain goods).

* India will face a 25% tariff, with the possibility of an additional penalty for trade with Russia.

* The EU will face a 15% tariff on goods with a current duty rate of less than 15%.

* The White House has stated that some of the tariffs are a result of countries failing to cooperate with the U.S. on trade and other issues, such as Canada's alleged failure to curb fentanyl flows.

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