Trump raises Canadian tariffs to 35%, announcing interest rates in dozens of countries from 10 to 40%
The White House released new details Thursday night, including a series of new tariff rates, now officially authorized by the Executive Order, which releases new details, and the plan will lift new details from 10% to 40% in nearly every global trading partner.
The move represents a huge reshuffle of the U.S. trade order, outlining Canada’s 35% tariff (currently 25%) and tax rates above 30% for countries from South Africa to Switzerland.
But the last minute gain is that almost all of these new exchange rates (except Canada) will not take effect within seven days, rather than the midnight deadline set by Trump.
“These modifications shall take effect after 12:01 am on 7 days after this order date at 7 days after this order date at 12:01 am on Eastern Sun Time.”
Canada’s new tariff rates are different orders for illegal drugs and will take effect as planned.
For other countries, the order also allows for additional delays, with previously lower rates, applied to items loaded onto ships by August 7 and then entering the United States by October 5.
But once new tariffs are in effect, they will be far-reaching.
India will face a 25% interest rate after initially placing high hopes for a deal that has been struggling in recent weeks, although negotiators there now seem to have another week to make an offer.
Taiwan is another top trading partner in the United States and will see a 20% interest rate.
White House documents released Thursday also confirmed some parameters of recent deals with other top trading partners, including 15% in the EU, South Korea and Japan.
It also confirmed that for a range of Southeast Asian countries, a tax rate of 19%-20% is being set at a 10% tax rate for the UK.
Trump said Thursday’s progress did pause for 90 days after a major delay on Thursday, as the president decided to keep interest rates at 25% after a “very successful” call.
Tariff rates for dozens of other smaller trading partners increased from 10% to 15%, some of which were not included in the release on Tuesday.
Those excluded include many countries where the United States currently has a trade surplus. They will see their interest rates stay at 10%, which surprised them for Trump’s comments in recent days that 15% is his minimum limit.
Thursday’s order also included a focus on the growing construction problem and promised additional tariffs on any goods deemed to be “has been cashed out to evade applicable taxes” without further definitions of compliance with the standard.
