US President Donald Trump has enacted sweeping new tariffs on multiple trading partners, escalating his global trade war. The import duties, ranging from 10% to 41%, took effect on August 7, with additional levies announced this week.
Among the hardest-hit nations is India, facing an extra 25% duty as punishment for importing Russian oil, raising rates on some exports to 50%. Switzerland faces 39%, while Canada is hit with 35% tariffs, up from 25% previously, due to alleged failure to curb fentanyl flows. The European Union is subject to rates between 10% and 41%.
In contrast, Mexico received a 90-day reprieve from higher 30% tariffs to allow for broader trade negotiations. Canadian Prime Minister Mark Carney expressed disappointment and vowed to protect jobs and diversify exports.
China faces an August 12 deadline to reach a tariff agreement, with preliminary deals made in May and June. A US official indicated progress toward a deal. Goods from all other countries not listed face a baseline 10% import tax.
