Trump retains 10% tariff, but not for everyone.
Day X has arrived — Trump distributes tariffs
U.S. President Donald Trump has decided to keep the basic tariff rate at 10%, although many expected it to rise to 15% or even higher. However, these tariffs will not apply equally to everyone.
Bloomberg reports this with reference to a statement from the White House.
In the White House statement, it was noted that the president signed the corresponding order on Thursday. However, it is still unclear who specifically will have to pay the basic tariff and who will face higher rates.
The White House also released a list of tariff rates on imports from several other trading partners that have not yet entered into new trade agreements, the publication reports.
Trump signed a separate order, increasing tariffs for Canada from 25% to 35%, and this new tariff takes effect today, August 1.
However, the changes will not affect goods covered by the free trade pact between the U.S., Mexico, and Canada, which Trump signed during his first term.
According to Bloomberg, the tariffs will come into effect a few hours before the deadline set by Trump himself. They will affect a wide range of countries, mostly with small and medium economies, which are not a priority for negotiations with the current U.S. president.
It is worth noting that recently Trump signed a trade agreement with the European Union. However, during a conversation with journalists, dismissing the possibility of setting tariffs below 15%,
the U.S. president confirmed that this idea is not being considered.
It is also worth mentioning that at the end of June, Trump assured that he finds trade in automobiles between the U.S. and Japan to be unfair.
Last week was a significant moment for trade between the U.S. and its partners, as tariff changes within his trade policies were implemented, prompting certain discussions and reactions.Read also
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