Photo: Alamy
President Donald Trump on Thursday signed an executive order imposing new tariffs on dozens of countries, the latest step in his trade agenda set to take effect Aug. 7.
The order sets tariffs on 68 countries and the European Union, with most nations facing new tariffs of at least 10 percent. A senior administration official said the delayed implementation date was designed to align global rate schedules and give countries time to adjust.
The announcement followed several days of hurried negotiations as nations sought to avoid the steep import taxes Trump had warned about. The final order replaces earlier threats of higher tariffs on some nations.
The order also establishes a baseline 10 percent tariff for nations not specifically named. Administration officials said the rates were determined based on existing trade imbalances and regional economic conditions.
The White House did not release a full list of countries that struck last-minute deals, though Trump told reporters, “We have made a few deals today that are excellent deals for the country.” The senior administration official declined to provide additional details during a briefing.
Thursday’s order follows a pattern seen earlier this year, when Trump’s announcement of “Liberation Day” tariffs in April rattled financial markets and triggered recession fears. In response, Trump imposed a 90-day pause to allow more time for trade talks. He later extended that timeline for additional negotiations.
Trump has recently finalized deals with South Korea, the European Union, Japan, Indonesia and the Philippines. Commerce Secretary Howard Lutnick said in an interview that Cambodia and Thailand reached agreements following a pause in their border conflict.
As part of the understanding with Mexico, Trump said the current 25 percent tariff would remain in place on Mexican goods entering the U.S. He said copper, aluminum and steel would be taxed at 50 percent during the talks.
The U.S. trade deficit with Mexico continues to grow. According to U.S. Census Bureau data, the U.S. had a $171.5 billion trade imbalance with Mexico last year, up from $63.3 billion in 2016, the year before Trump took office.