On August 1, 2025, President Donald J. Trump signed an executive order modifying reciprocal tariff rates for nearly 70 countries, set to take effect on August 7, 2025. The order adjusts tariffs ranging from 10% to 41%, with a baseline 10% tariff applied to countries not listed in the order’s annex. Notable rates include 15% for the European Union, Japan, and South Korea, 19-20% for the Philippines, Vietnam, and Indonesia, 35% for Canada, and up to 41% for Syria. A 40% tariff was imposed on transshipped goods to prevent duty evasion. The White House stated these changes aim to address the U.S. goods trade deficit and promote fair trade relationships. Trade deals with countries like Japan, which committed to $550 billion in U.S. investments, and the UK have lowered some rates. The order follows a weak U.S. jobs report, with only 73,000 jobs added in July and significant downward revisions for May and June, prompting economic concerns. Trump emphasized that tariffs encourage manufacturing in the U.S., with no tariffs for companies building domestically.
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