WASHINGTON (Reuters) - U.S. President Donald Trump has imposed steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan.
Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order.
The order, listed higher import duty rates of 10% to 41% starting in seven days for 69 trading partners.
Some of them had reached tariff-reducing deals while others had no opportunity to negotiate. Trump included an exception for some goods shipped within the coming week.
Goods from all other countries not listed would face a 10% U.S. import tax. Trump had previously said that rate might be higher. The administration also teased that more trade deals were in the pipeline as it seeks to close trade deficits and boost domestic factories.
The Republican president has tapped emergency powers, pressured foreign leaders, and pressed ahead with trade policies that sparked a market sell-off when they were first announced in April.
U.S. federal appeals court judges on Thursday questioned Trump’s use of the emergency powers to justify his tariffs of up to 50% on nearly all trading partners.
Trump invoked the 1977 International Emergency Economic Powers Act to declare an emergency over the growing U.S. trade deficit and impose his “reciprocal” tariffs and a separate fentanyl emergency.
Asian shares were headed for the worst week since April on Friday after the tariffs were announced.
European stocks hit a three-week low on Friday as investors focused on the impact of the new tariffs. The pan-European STOXX 600 index, fell around 1% in early trading, down for the third straight session and on track to end the week in red
Trump’s tariff rollout comes amid more evidence they have begun driving up consumer goods prices.
U.S. Commerce Department data released Thursday showed prices for home furnishings and durable household equipment jumped 1.3% in June, the biggest gain since March 2022.
Recreational goods and vehicles prices shot up 0.9%, the most since February 2024. Prices for clothing and footwear rose 0.4%.
Switzerland said it would push for a “negotiated solution” with the U.S., while Taiwan President Lai Ching-te said the new 20% tariff rate for the island was “temporary “ and that he expected to reach a lower figure.
South Africa’s Trade Minister Parks Tau said he was seeking “real, practical interventions” to defend jobs and the economy against the 30% U.S. tariff it faces.
Trump’s order said some trading partners, “despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters.”
Other details are still to come, including on the “rules of origin” that will determine what products might face even higher tariffs.
This range plot displays U.S. President Donald Trump’s tariff rates or the most recent previously announced or threatened tariff rates for the U.S.’s top trading partners on Aug. 1, 2025.
Trump issued a separate order, for Canada that raises the rate on Canadian goods subject to fentanyl-related tariffs to 35%, from 25% previously, saying Canada had “failed to cooperate” in curbing illicit narcotics flows into the U.S.
The higher tariffs on Canadian goods contrasted sharply with Trump’s decision to grant Mexico a 90-day reprieve from higher tariffs of 30% on many goods to allow time to negotiate a broader trade pact.
Canadian Prime Minister Mark Carney said he was disappointed by Trump’s decision, and vowed to take action to protect Canadian jobs and diversify exports.