President Trump on Thursday formally announced higher tariffs against more than 60 U.S. trading partners starting next week — just hours before the administration’s self-imposed midnight deadline.

The president signed an executive order listing out tariff rates for imports from dozens of countries, including a handful that have cut trade deals with the administration and dozens that haven’t reached a deal yet. The duties range as high as 41% for Syria and 40% for Laos and Myanmar, while almost no country’s imports will face tariffs below 10%.

The new tariffs apply to imports that are “entered for consumption, or withdrawn from warehouse for consumption,” in seven days, the order said. Mr. Trump had vowed to impose higher tariffs starting just after midnight on Friday, Aug. 1. A White House official told CBS News the extra seven days were intended to give Customs and Border Protection enough time to implement the new tariff rates.

“[F]or most economies and most of our trading partners, the cost of doing trade tomorrow will be higher than it is today,” Greg Daco, chief economist at management consulting firm EY-Parthenon, said prior to the release of Thursday’s list.

Mr. Trump set the latest deadline for trade agreements in April after announcing — and later suspending for 90 days — what he described as “Liberation Day” tariffs on more than 90 countries. A July 9 deadline for deals came and went, with the White House again stalling for time. But Mr. Trump had since vowed not to extend the deadline beyond Aug. 1 for most nations.

Almost 70 trading partners are included on Thursday’s list, and goods from countries that weren’t listed will face 10% tariffs — the same baseline that Mr. Trump imposed in April.

For some countries, Thursday’s tariff list features lower rates than the ones that were threatened on Liberation Day. But other countries’ tariffs were adjusted up slightly. For example, Madagascar was threatened with 47% tariffs in April and just 15% tariffs on Thursday, but Switzerland’s rate jumped from 31% to 39%.

For the handful of trading partners that have reached agreements with Mr. Trump in recent weeks — including Japan, South Korea and the European Union — the new tariff list reflects the terms of those trade deals.

A senior administration official told reporters Thursday new tariff list separates U.S. trading partners into three buckets. If the United States has a trade surplus with a country — meaning the U.S. exports more goods to the country than it imports — that nation’s goods will face a 10% tariff rate. If the U.S. has a small trade deficit, imports from that country will generally face 15% tariffs. And countries that the U.S. has larger deficits with face higher tariffs, typically based on either the “Liberation Day” rate, a rate hashed out in a trade deal with the U.S. or a rate floated by Mr. Trump in a letter.

Stiff tariffs on Canada

Tariffs on the United States’ three largest trading partners — Mexico, Canada and China — are treated separately. Duties on Canadian goods will jump from 25% to 35% starting Friday, the White House announced Thursday, following through on a threat from earlier this month.

Mr. Trump is also threatening tariff hikes for Mexico and China, but the U.S.’ southern neighbor got a 90-day extension on Thursday, and an Aug. 12 deadline to strike a deal with China is expected to be extended for three months, too.

Amid concerns that the White House’s trade agenda was fueling economic uncertainty for businesses and consumers, Trump administration officials this spring pledged to nail down “90 deals in 90 days.”

By that measure, his administration has come up far short of its goals. The White House has announced broad bilateral agreements with a handful of nations as well as the 27-member European Union, but those deals have lacked the extensively documented details typical of most trade deals, experts note.

“It’s important to note that we don’t even have any deals as deals are commonly understood, except maybe the U.K. agreement, which is still being discussed,” Alex Jacquez, chief of policy and advocacy at Groundwork Collaborative, a left-leaning advocacy group, told CBS MoneyWatch.

The countries that have yet to strike deals with the U.S., including major trading partners such as Canada and Mexico, account for 56% of American imports, according to Goldman Sachs.

Shortly after the new tariff list was released, Mr. Trump told NBC News in an interview it’s “too late” for countries that still haven’t struck a trade agreement to avoid the new import duties — but he’s still willing to negotiate after the higher tariffs take effect. He said he believes his trade strategy was going “very well, very smooth,” pointing to the revenue brought in by tariffs and the fact that inflation has not spiked.

“President Trump’s trade deals have unlocked unprecedented market access for American exports to economies that in total are worth over $32 trillion with 1.2 billion people,” White House spokesperson Kush Desai said in a statement. “As these historic trade deals and the Administration’s pro-growth domestic agenda of deregulation and The One Big Beautiful Bill’s tax cuts take effect, American businesses and families alike have the certainty that the best is yet to come.”

Tearing up the rules

Mr. Trump re-entered office in January promising to rewrite the rules of international commerce, which he has long maintained disadvantage the U.S. and hurt American workers. In that effort, he has embraced tariffs as a way to reduce trade deficits with other nations, energize domestic manufacturers, generate federal revenue and gain leverage in foreign policy.

In practice, the White House has struggled to deliver on that ambitious agenda, Daniel Altman, an economist and founder of investment newsletter High Yield Economics, told CBS MoneyWatch.

“There were never enough trade negotiators in all of Washington to conclude all of these details by August 1,” he said. “We have some framework agreements that have made the headlines, but as we’re finding out a lot of those deals include tariff rates that are pretty much the same as the base rate of 15% that the White House has mooted for the rest of the world.”

Yet despite the appearance of chaos that has attended some of the rollout of his new tariff regime, Mr. Trump has clearly succeeded in changing the terms of trade with several key economic partners in ways that could favor the U.S. In some cases, that includes winning the elimination or significant reductions in tariffs on American exports going the other way.

Under its deal with the EU, for instance, the U.S. will impose a 15% tax on most of the trading bloc’s imports, but the EU has agreed not to charge any levy on imports from the U.S. Deals with Japan and South Korea impose the same tariff rate on those countries’ exports to the U.S.

Other countries that struck trade deals with the U.S. have acceded to higher tariffs in hopes of ensuring good relations with Mr. Trump and avoiding even higher levies. Those include Indonesia and the Philippines, which will each face a 19% tariff on their exports. The U.S. will subject imports from Vietnam to a 20% duty, plus a 40% tariff on goods that are transshipped via other countries.

“In any other time frame, one would have said that having the EU, Korea, Japan, Philippines, Indonesia and the United Kingdom covers an awful lot of world trade and U.S. trade,” Alan Wolff, senior fellow at the nonpartisan Peterson Institute for International Economics and former deputy director-general of the World Trade Organization, told CBS MoneyWatch.

President Trump’s tariff agenda is also generating significant revenue. According to the U.S. Treasury, the U.S. in June brought in $27 billion in tariff revenue — more than three times what it collected in the same period a year ago.

The White House has repeatedly insisted that tariff costs will be borne by foreign countries and that the levies will help spur investment in U.S. manufacturing. Trade experts note that tariffs are typically paid by importers, which often pass on those costs to consumers in the form of higher prices.

How we got here – at a glance

Image source, Reuters

Trump has been a fan of tariffs for decades, arguing they encourage US consumers to buy more American-made goods.

Three months ago, on 2 April, he announced a 10% “baseline” tariff on almost all imports.

He said goods from about 60 other trade partners, which the White House described as the “worst offenders” (including the EU and China), would face higher rates, as payback for unfair trade policies.

90-day pause

These “reciprocal” tariffs were later postponed for 90 days to allow time to negotiate individual trade deals, and the deadline was then extended until today.

Some strike deals

Days before the 1 August deadline, the US and EU agreed that European goods would face 15% tariffs – including cars.

Under the deal – which needs to be approved by all 27 EU members – the trading bloc will charge US firms 0% duty on certain products.

US-Chinese trade negotiations are ongoing, after the pair increased tariffs on goods to more than 100% before temporarily climbing down.

A fresh wave of tariffs

The president announced new tariffs on more than 90 countries, as he continued his drive to remake how global trade operates.

Trump raised the tariff on Canada to 35%, but said Mexico would be charged at current rates for another 90 days, avoiding a threatened increase to 35%.

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.

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.

The super PAC affiliated with Trump raised $177 million in the first half of 2025, new fundraising reports show — with GOP megadonors, key Trump allies (including some government officials), big business, a secret-money group and the mother of a man who received a presidential pardon among those filling the group’s coffers ahead of next year’s midterms.

Even in an era of overflowing money in politics, the massive sum sticks out. It is a sign that Trump’s political operation will continue to wield major influence even though Trump himself is barred by term limits from running for president again.

The group spent just $4.6 million over that time, meaning it has more than $196 million banked away as Trump continues to put his stamp on the Republican Party and looks to keep Congress in GOP control in the 2026 midterm elections.

Trump also has yet more money nestled away in other committees he can use for various political causes.

Read the full story here.