US President Donald Trump has imposed severe tariffs on exports from a multitude of trading partners, including Canada, Brazil, Pakistan, India, and Taiwan, emphasizing his strategic plan to reshape the global economy as the deadline for a Friday trade deal looms.
Trump has issued a directive, setting a 35% duty on numerous Canadian goods, a hefty 50% for Brazil, 25% for India, 20% for Taiwan, a 19% duty on Pakistan, and a notable 39% for Switzerland, as corroborated by a presidential executive order.
The order specified that elevated import duties ranging from 10% to 41% would commence in seven days for 69 trading partners as the deadline of 12:01 a.m. EDT (0401 GMT) nears.
While some nations have achieved agreements that mitigate tariffs, others found no avenue to negotiate with the administration. An exception was made for select goods dispatched within the forthcoming week.
Goods from all unlisted countries would incur a 10% US import tax, a rate that Trump hinted could potentially rise.
The administration has suggested that more trade agreements are forthcoming, aimed at closing trade deficits and enhancing domestic manufacturing efforts.
This announcement elicited a reserved response from markets. Stocks and equity futures registered modest declines in Friday morning trading across Asia.
Trump’s declaration mentioned that some trading partners, “despite engaging in negotiations, have proposed terms that, from my perspective, do not adequately address imbalances in our trading relationship or align sufficiently with the United States on economic and national-security issues.”
Further details are anticipated, particularly concerning the “rules of origin” that will dictate which products might endure even steeper tariffs.
Moreover, Trump claimed, “we have struck a few deals today that are exceptional for the country,” with a US official later informing reporters that these agreements are yet to be revealed.