OTTAWA (dpa-AFX) - President Donald Trump has signed an Executive Order modifying the reciprocal tariff rates for several countries to address the exploding annual U.S. goods trade deficits.
Under a new trade policy that the White House announced on Thursday, the reciprocal tariff rates will be modified on August 7.
The order lists tariffs on goods from more than 90 countries.
A 10 percent tariff will apply to Falkland Islands, United Kingdom and all other countries not listed in Annex I of the executive order.
U.S. will impose 15 percent tariff on 39 countries, including Israel, Japan, New Zealand, and South Korea.
U.S. slapped a higher tariff of 25 percent on India, 30 percent on South Africa, 35 percent on Iraq and Serbia, 39 percent on Switzerland, 40 percent on Laos and Myanmar, and 41 percent on Syria.
Under a trade deal already agreed, goods imported from the European Union face a 0-15 percent tariff range.
Japan has agreed to invest $550 billion in the United States to rebuild and expand core American industries, as well as to further open its own market to U.S. exports, all while paying a baseline 15 percent tariff rate.
Tariffs on China have not been announced pending trade negotiations.
Trump signed an Executive Order increasing the tariff on Canada from 25 percent to 35 percent, which came into effect on August 1.
The White House said the higher tariff has been imposed on Canada as it failed to cooperate in curbing the flow of fentanyl and other illicit drugs across the northern border into the United States.
However, goods that fall under preferential tariff treatment under the U.S.-Mexico-Canada Agreement will not be subject to the new tariffs.
The White House said goods transshipped to evade the 35 percent tariff will be subject a transshipment tariff of 40 percent.
U.S. Trade Representative Jamieson Greer said President Trump's issuance of an Executive Order modifying the reciprocal tariff rates will lower the U.S. trade deficit and lead to better outcomes for American workers, their families, and their communities.
'Today is historic. For decades, American international economic policy has been subordinated to the industrial and trade policies of other countries. America had pursued a principle of economic efficiency at all costs - even where it meant the American industrial base was off-shored and our workers had to compete against unfair trade. Our trade deficit in goods ballooned to a massive $1.2 trillion in goods in 2024, which reflected a dangerous decline in U.S. manufacturing and manufacturing jobs,' he said in a statement.
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