US President Donald Trump unveiled an executive order late Thursday night imposing new tariffs on a wide array of American trading partners. The sweeping measure affects 68 countries and all 27 members of the European Union, with rates set to take effect on August 7. The tariff rollout, originally scheduled for August 1, was delayed by a week to allow time for finalising the rate schedule, a senior administration official told AP. On a Truth Social post earlier, Trump wrote: "The August First deadline is the August First deadline – it stands strong, and will not be extended. A big day for America!!!" How the new tariffs work According to CNN, the baseline tariff for goods coming into the US will remain at 10%, but only for countries with which the US enjoys a trade surplus — that is, nations from which the US imports less than it exports. For about 40 countries with which the US has a trade deficit, a 15% tariff will now apply. The new system is reportedly based on fairness and the trade imbalance each nation holds with the United States, a senior official told AP. Here are the tariff rates at a glance, as reported by Reuters: Country Tariff (%) Afghanistan 15% Algeria 30% Angola 15% Bangladesh 20% Bolivia 15% Bosnia and Herzegovina 30% Botswana 15% Brazil 10% Brunei 25% Cambodia 19% Cameroon 15% Chad 15% Costa Rica 15% Côte d`Ivoire 15% Democratic Republic of the Congo 15% Ecuador 15% European Union 0%–15% Equatorial Guinea 15% Falkland Islands 10% Fiji 15% Ghana 15% Guyana 15% Iceland 15% India 25% Indonesia 19% Iraq 35% Israel 15% Japan 15% Jordan 15% Kazakhstan 25% Laos 40% Lesotho 15% Libya 30% Liechtenstein 15% Madagascar 15% Malawi 15% Malaysia 19% Mauritius 15% Moldova 25% Mozambique 15% Myanmar (Burma) 40% Namibia 15% Nauru 15% New Zealand 15% Nicaragua 18% Nigeria 15% North Macedonia 15% Norway 15% Pakistan 19% Papua New Guinea 15% Philippines 19% Serbia 35% South Africa 30% South Korea 15% Sri Lanka 20% Switzerland 39% Syria 41% Taiwan 20% Thailand 19% Trinidad and Tobago 15% Tunisia 25% Turkey 15% Uganda 15% United Kingdom 10% Vanuatu 15% Venezuela 15% Vietnam 20% Zambia 15% Zimbabwe 15% But the real sting lies in a list of 26 countries that now face tariffs above 15%, largely due to what the White House describes as excessive trade deficits. Countries facing tariffs above 15% According to a White House announcement as cited by CNN, here are the nations with the highest imposed rates: Laos, Myanmar, Syria – 40% Switzerland – 39% Iraq, Serbia – 35% Algeria, Bosnia, Libya, South Africa – 30% India, Brunei, Kazakhstan, Moldova, Tunisia – 25% Bangladesh, Sri Lanka, Taiwan, Vietnam – 20% Cambodia, Indonesia, Malaysia, Pakistan, Philippines, Thailand – 18–19% Countries like India (25%) and Vietnam (20%) — both considered key to Washington’s China pivot — now face significant barriers, raising concerns about long-term US supply chain strategies. Even the United States-Mexico-Canada Agreement (USMCA) members, once considered exempt, aren’t spared. On Thursday: Mexico agreed to a 90-day extension of the current 25% rate on non-exempt goods. Canada will now face a 35% tariff, up from 25%, effective immediately. Winners and negotiators Some countries have managed to avoid the worst. Thailand, for example, saw its proposed tariff slashed from 36% to 19% after last-minute talks. “It’s one of the major successes of Team Thailand… a win-win,” said Thai government spokesperson Jirayu Houngsub, as per AP. The Trump administration also confirmed it had reached new trade frameworks with Japan, South Korea, the EU, Indonesia, and the Philippines, though the final terms remain undisclosed. Trump’s tariff agenda builds on his earlier “Liberation Day” tariffs from April, which triggered stock market volatility. “Because these deals are so vague and unfinished, policy uncertainty will remain very elevated,” said Scott Lincicome, economist at the Cato Institute, according to AP. (With inputs from AP, Reuters, CNN)
