The White House took a step forward with President Trump’s plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.

The move represents a giant shakeup in the US’s trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.

But there’s a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.

India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.

Taiwan is another top US trading partner and is set to see a 20% rate.

The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.

Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.

But some nations were not included in Tuesday’s release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.

Read more here.

President Trump Thursday delayed planned new tariffs against Mexico but railed against Canada, India and Russia over their stances on the wars in Gaza and Ukraine as his threatened higher tariffs go into effect at midnight Friday.

Even as he granted Mexico a three-month reprieve from higher tariffs, the self-styled “dealmaker in chief” slammed other nations over geopolitical issues, further muddying the waters as trade partners seek to negotiate deals to head off punishing levies that will eventually raise prices for Americans.

Trump hailed Mexican President Sheinbaum after a phone conversation in which they agreed to maintain the current trade arrangement for 90 days while complicated talks continue between the two key trade partners.

“More and more, we are getting to know and understand each other,” Trump wrote on his social media site after the Sheinbaum talks.

The deal with Mexico amounted to Trump backing off his previous vow that there would be no extensions to trade talks beyond the midnight deadline.

It comes as he slammed Canada, another neighbor and massive trade partner, for Ottawa’s plans to recognize Palestinian statehood amid Israel’s punishing war in Gaza.

Even though the issue has nothing to do with trade or economic policy, Trump suggested it would lead him to take a harsher stance on tariffs.

“That will make it very hard for us to make a Trade Deal with them. Oh, Canada,” Trump warned on his social media site.

The outburst against Canada is puzzling because Trump said this week that he did not object to British Prime Minister Keir Starmer and French President Emmanuel Macron taking similar moves.

Taking aim at India, Trump separately said he would impose punishing 25% tariffs to seek to rebalance the massive trade deficit with India. He is also considering additional “secondary tariffs” against New Delhi as a punishment for buying Russian oil, a key boost during Vladimir Putin’s war with Ukraine.

“I don’t care what India does with Russia,” Trump said. “They can take their dead economies down together, for all I care,”

Trump has in recent weeks made a U-turn on Russia and said he would come down hard on Putin to pressure him to end the war in Ukraine that he launched more than three years ago.

But it’s unclear if Trump will really follow through on the “secondary tariffs” aimed at Russian trade partners including India, China and Turkey, or how effective they may be in changing Putin’s behavior.

China, the biggest trade partner of all, has not yet reached a trade deal with Trump, although he has said he is confident he’ll get a deal done soon.

Trade experts say it’s a big mistake to introduce non-economic issues into trade talks because it makes it much more difficult for the counterpart nations to know what they can gain from making concessions.

Trump frames tariffs as penalties paid by foreign countries, but that’s not true. They are taxes paid by companies when they import goods into the U.S.

The firms either eat those costs and suffer lower profits, or pass them on to consumers in the form of higher prices.

A federal appeals court Thursday is considering whether Trump’s use of an emergency powers law to impose sweeping tariffs on nearly every U.S. trading partner is kosher.

The White House took a step forward with President Trump’s plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.

The move represents a giant shakeup in the US’s trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.

But there’s a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.

India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.

Taiwan is another top US trading partner and is set to see a 20% rate.

The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.

Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.

But some nations were not included in Tuesday’s release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.

Read more here.

With just a few hours to go before the August 1 trade deadline, the White House announced its new trade policy late Thursday – and, along with it, its new tariff plan.

In what qualifies as restraint during President Donald Trump’s historic tariff policy, the White House announced that the “universal” tariff for goods coming into the United States will remain at 10%, the same level that was implemented on April 2.

But that 10% rate will apply only to countries with a trade surplus – countries to which the United States exports more than it imports. That applies to most countries, a senior administration official said.

A 15% rate will serve as the new tariff floor for countries with which the United States has a trade deficit. About 40 countries’ goods will be subjected to that new 15% tariff. That tariff will be lower for many of those nations than the April 2 “reciprocal” tariffs, but it will be higher for a handful.

And more than a dozen countries have tariff rates that are higher than 15%, either because they agreed to a trade framework with the United States or because Trump sent their leaders a letter dictating a higher tariff. The senior administration official said those countries have among the highest trade deficits with the United States.

“President Trump is using tariffs as a necessary and powerful tool to put America First after many years of unsustainable trade deficits that threaten our economy and national security,” the White House said in a statement.

The new tariff regime will not go into effect Friday, as expected. Instead, the tariffs will be implemented on August 7 to give Customs and Border Protection sufficient time to make the necessary changes to collect the new duties.

The White House took a step forward with President Trump’s plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries.

The move represents a giant shakeup in the US’s trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland.

But there’s a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order.

India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate.

Taiwan is another top US trading partner and is set to see a 20% rate.

The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom.

Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan.

But some nations were not included in Tuesday’s release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum.

Read more here.