Topline
President Donald Trump’s so-called reciprocal tariffs on nearly all key U.S. trading partners will go into effect on August 7—a week later than his self-imposed deadline of August 1—as the president signed an executive order on Thursday night setting revised rates for 68 countries and the European Union.
President Donald Trump pushed the start of the tariff dates from his self imposed August 1 deadline to August 7.
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Key Facts
Trump’s order outlines updated tariff rates for 67 countries, the European Union and Taiwan, ranging between 10% and 41%.
Countries not listed in the order will face a baseline tariff rate of 10%—which is in line with Trump’s April 2 “Liberation Day” announcement.
The new order does not cover rates for China, which is still engaged in tariff negotiations with the U.S. government, and Mexico, which was given a 90-day extension on an earlier deal while trade talks with the U.S. continue.
It is unclear why the tariffs were pushed from August 1 to August 7, but this will likely heighten uncertainty for key trading partners, who now have an additional week to negotiate lower rates.
Syria, Laos and Myanmar will face the highest reciprocal tariff rates of 40 to 41% as per Thursday’s order.
Crucial Quote
In a statement accompanying the order, the White House said: “President Trump is using tariffs as a necessary and powerful tool to put America First after many years of unsustainable trade deficits that threaten our economy and national security.”
This is a developing story.