President Trump is pushing through with his tariff agenda, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August and a warning to BRICS nations.
Trump announced a 35% tariff on Canadian goods late, claiming Canada had “financially retaliated” to earlier duties. He followed that up this weekend with promises of 30% duties on Mexico and the European Union.
In an interview with NBC News published late Thursday, Trump also floated 15% to 20% blanket tariffs on most trading partners, higher than the 10% level currently in effect.
The fresh tariff salvos capped a week in which Trump sent a barrage of tariff letters to over 20 trade partners, setting levels of 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country’s domestic politics.
Meanwhile, Trump also has confirmed 50% copper import tariffs from Aug. 1 to match steel and aluminum. Trump’s copper tariffs are also set to include the kinds of materials used for power grids, the military and data centers, a Bloomberg report highlighted on Friday.
As markets focus on US talks with key partners on possible deals, here is where things stand:
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Vietnam: Trump said a deal with Vietnam will see the country’s imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. According to reports, Vietnam’s leadership was caught off guard by Trump’s announcement last week that it agreed to a 20% tariff and is now seeking to lower the rate.
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India: Trump’s tariffs on Brazil have raised the stakes for India, another member of the BRICS coalition. Bloomberg reported that the countries are working toward a framework deal that could see US tariffs on goods from India drop below 20%.
