Trump imposes tariffs on countries’ goods

United States 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 as the 12:01 a.m. EDT (0401 GMT) August 1 deadline approached.

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.

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U.S. federal appeals court judges, on Thursday, July 31, 2025, questioned Trump’s use of 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, Reuters reported.

U.S. Commerce Department data released on 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%.

The Star