President Donald Trump this week signed an Executive Order raising tariff rates for dozens of countries around the world.
In an update to the White House’s April 2 announcement of baseline tariffs for nearly every country around the world, the Executive Order signed this week would raise the minimum tariff of 10 percent to 15 percent or more on dozens of countries. Many of these countries, including notable examples such as Brazil, South Africa, Switzerland, and others, have not signed new trade agreements with the U.S. since the April tariffs were first announced.
Some countries that have announced deals with the U.S., including Vietnam, Indonesia, and the Philippines, will see their baseline tariffs raised to 19 percent from 10 percent despite having negotiated deals with the U.S. They are in the group of 27 countries that will see initially announced tariff rates of 10 percent raised beyond 15 percent.
Notably, tariff rates on Canadian goods are increased from 25 percent to 35 percent, with the higher tariff rate set to go into effect today.
Another larger group of countries will see their tariff rates rise from 10 percent to 15 percent, including such markets as Angola, Costa Rica, Ecuador, Japan, South Korea, and Turkey.
The White House said in its announcement that these tariff increases are in response to countries identified as imposing “nonreciprocal trade practices” and are designed to “[incentivize] manufacturing on American soil and defending our industries.”
The White House’s summary can be found here.
