Donald Trump has signed the executive order which will bring into force sweeping new tariffs on imports from dozens of countries.
In a major break from the USA’s long-standing free trade policy, the US president has been hiking taxes on goods arriving on US soil from around the world.
In April, a universal 10% tariff affecting goods from nearly all other countries came into force.
Additional rates, which Trump dubiously calls ‘reciprocal tariffs’, were announced at the time but suspended after they led to a global stock market crash.
He has now revived the strategy, which will impose specific rates of 10% to 41% on 69 different countries next Friday.
Before Trump’s second term, US tariffs averaged around 2.2%, so economists expect the effect on trade to be seismic.
What are Trump’s new tariffs?
Trump has repeatedly called these new rates ‘reciprocal tariffs’, claiming this means ‘they do it to us and we do it to them’.
In reality, very few of these 69 countries have been levying tariffs on US imports at anywhere near the same scale.
The president’s own council of economists said that more than half of countries ‘don’t really have any tariffs on us’.
But the Trump administration insists that other barriers to trade such as safety inspection and labelling requirements have the same effect.
It created a formula – heavily criticised by economists as overly simplistic – which it used to come up with the new rates it wuold charge each country.
Here is the full list of the new so-called ‘reciprocal tariffs’ coming into force next week:
- Syria 41%
- Laos 40%
- Myanmar (Burma) 40%
- Switzerland 39%
- Iraq 35%
- Serbia 35%
- Algeria 30%
- Bosnia and Herzegovina 30%
- Libya 30%
- South Africa 30%
- Brunei 25%
- India 25%
- Kazakhstan 25%
- Moldova 25%
- Tunisia 25%
- Bangladesh 20%
- Sri Lanka 20%
- Taiwan 20%
- Vietnam 20%
- Cambodia 19%
- Indonesia 19%
- Malaysia 19%
- Pakistan 19%
- Philippines 19%
- Thailand 19%
- Nicaragua 18%
- Afghanistan 15%
- Angola 15%
- Bolivia 15%
- Botswana 15%
- Cameroon 15%
- Chad 15%
- Costa Rica 15%
- Côte d`Ivoire 15%
- Democratic Republic of the Congo 15%
- Ecuador 15%
- Equatorial Guinea 15%
- European Union* 15%
- Fiji 15%
- Ghana 15%
- Guyana 15%
- Iceland 15%
- Israel 15%
- Japan 15%
- Jordan 15%
- Lesotho 15%
- Liechtenstein 15%
- Madagascar 15%
- Malawi 15%
- Mauritius 15%
- Mozambique 15%
- Namibia 15%
- Nauru 15%
- New Zealand 15%
- Nigeria 15%
- North Macedonia 15%
- Norway 15%
- Papua New Guinea 15%
- South Korea 15%
- Trinidad and Tobago 15%
- Turkey 15%
- Uganda 15%
- Vanuatu 15%
- Venezuela 15%
- Zambia 15%
- Zimbabwe 15%
- Brazil 10%
- Falkland Islands 10%
- United Kingdom 10%
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