US President Donald Trump signed an executive order on July 31, 2025, imposing reciprocal tariffs ranging from 10% to 41% on imports from dozens of countries. Here's a breakdown of the tariffs for some major economies:
- *Countries with High Tariffs:*
- *India*: 25% tariff on US-bound exports
- *Canada*: 35% tariff, excluding goods covered under the USMCA
- *Switzerland*: 39% tariff, one of the steepest rates imposed
- *South Africa*: 30% tariff
- *Taiwan*: 20% tariff
- *Countries with Lower Tariffs:*
- *European Union*: 15% baseline tariff, with agreements to increase agricultural imports
- *Japan*: 10% tariff, with agreements on automotive exports
- *United Kingdom*: 10% tariff, benefiting from post-Brexit trade deal leverage
- *Countries with Temporary Reprieve:*
- *Mexico*: 90-day negotiating period with current 25% tariff rates staying in place, excluding some steel, aluminum, and autos
- *China*: Tariffs currently at 30% (20% existing tariff + 10% new rate), with an August 12 deadline for a comprehensive trade agreement
These tariffs aim to address trade imbalances and protect American industries, but critics argue they'll raise costs for US consumers and businesses, exacerbating inflation. The long-term economic impacts remain unclear ¹ ².