Starting at 12:01 AM on 7/8, new reciprocal tariffs ranging from 10% to 41% went into effect for most US trading partners. Previously, the majority of economies faced a general 10% tariff.

Earlier, on Truth Social, President Donald Trump wrote, "Reciprocal taxes take effect at midnight tonight. Billions of USD, mostly from countries that have taken advantage of the United States for years, will be pouring in here,".

On 31/7, President Trump signed an executive order adjusting reciprocal tariffs on dozens of trading partners. Syria faces the highest rate at 41%, while Laos and Myanmar face 40% on goods exported to the US. The UK and Brazil are among the lowest, at 10%.

Meanwhile, tariffs on Canada increased from 25% to 35%. Tariffs on India will remain at 25% because a new 50% rate takes effect on 27/8. China continues to face a 30% tariff until 12/8, as per a previous agreement between the two countries.

Overall, the newly announced tariffs are mostly equal to or lower than previous rates. A US official explained that countries with a trade deficit with the US will face a 10% tariff, while those with a small surplus will face 15%. The official added that the White House is finalizing details regarding the origin of goods to determine transshipment. Specifics will be released in the coming weeks.

This executive order adjusts the reciprocal tariffs initially announced by President Trump on 2/4. Those tariffs, ranging from 10% to 50%, applied to over 180 economies. President Trump believes these tariffs will balance US trade with other economies and bring jobs and manufacturing back to the US.

The Trump administration planned to implement these tariffs in early April but repeatedly delayed them to allow countries to negotiate trade agreements with the US. To date, the US has announced over 10 agreements with various partners.

Ha Thu (Reuters)