Summary
The White House announced new tariff rates for over 65 countries and the European Union, with implementation starting soon. The new tariffs reflect recent trade deals and ongoing negotiations, and they vary by country.
Key Facts
- President Trump set new tariff rates for more than 65 countries and the European Union.
- The tariffs include rates from previous announcements and new trade deals.
- Most new tariffs will not start immediately and will take effect at least a week after August 1.
- An additional 10% tariff will apply to countries not listed in the executive order by next week.
- Canadian goods outside the USMCA agreement face a 35% tariff starting Friday due to drug trafficking concerns.
- Negotiations with China are ongoing; current tariffs from a prior order remain in place.
- Mexico's new tariff rates are on hold pending further negotiations.
- U.S. importers pay tariffs directly, which can lead to higher prices for American businesses and consumers.
