📌 Key Details
- On July 31, 2025, President Trump signed an executive order imposing significant new tariffs on imports from more than 67 countries, scheduled to take effect at 12:01 a.m. Eastern—you can consider that roughly August 7 in U.S. time zones MoneyWeek+13AP News+13ABC News+13Politico+1Trade Compliance Resource Hub+1.
- Tariff rates vary by country:
- Baseline rate of 10% applies to countries not specifically listed;
- Higher rates from 15% to 41% for select nations;
- Brazil faces a combined 50% tariff, combining a 10% baseline plus a separate 40% levy The White House+2ABC News+2New York Post+2PoliticoThe Wall Street Journal.
- Examples:
- Laos and Myanmar: 40%
- Syria: 41%
- Canada: 35%
- Switzerland: 39%
- Taiwan and Vietnam: typically 20%–30%, depending on recent trade accords
- Iceland, Israel, Pakistan, etc.: 15%
- Many countries not listed explicitly will face 10% tariffs AP News+2ABC News+2New York Post+2The Wall Street Journal.
- Countries with negotiated deals—like the EU, UK, Japan, South Korea, and Thailand/Cambodia—received reduced rates or specific agreements that may limit the overall impact New York Post.
🔎 Why This Matters
- These tariff rates represent the highest U.S. import duties since the Great Depression era—marking a major escalation in trade protectionism New York Post+2The Wall Street Journal+2ABC News+2.
- According to the Congressional Budget Office, over the next decade the tariffs may reduce the federal deficit by roughly $2.8 trillion, but could also slow economic growth, raise inflation (by about 0.4 percentage points annually), and reduce real incomes and wages AP News.
- Critics—including U.S. trade organizations and politicians—warn that such high tariffs risk damaging international relations, undermining consumer purchasing power, and making American firms less competitive globally The Wall Street JournalKiplinger.
✅ Summary Table
| Scope | Tariff Rate |
|---|---|
| Unlisted countries | 10% baseline |
| Many countries (Iceland, Israel, etc.) | 15% |
| Taiwan, Vietnam, Mexico | 20–35% |
| Switzerland, Serbia, Iraq | 35–41% |
| Laos, Myanmar | 40% |
| Brazil | 50% (10% base + 40%) |
Effective date: August 7, 2025 at 12:01 a.m. Eastern time
Exemptions: Goods in transit before that date, entering U.S. by October 5, may avoid the new duties if properly loaded before cutoff New York Post.
🌍 Broader Impacts
- These tariffs form part of Trump’s broader “Liberation Day”–style trade strategy, imposing sweeping reciprocal duties targeting countries with U.S. trade deficits Business Insider+4en.wikipedia.org+4en.wikipedia.org+4.
- Though some earlier tariffs faced legal challenges, especially regarding use of emergency authority, most have remained in force during appeals en.wikipedia.org+1en.wikipedia.org+1.
🧭 Bottom Line
- Starting August 7, 2025, global import duties into the U.S. will increase across the board.
- Rates range from 10% to as high as 50%, depending on the country and its trade relationship.
- The policy represents a major shift in U.S. trade policy, with widespread economic and political implications globally.