U.S. President Donald Trump speaks to reporters ahed of boarding Marine One to depart for New Jersey, on the White Home in Washington, D.C., U.S., August 1, 2025.
Jonathan Ernst | Reuters
U.S. President Donald Trump’s so-called “reciprocal” tariffs took impact on Thursday, imposing increased duties on lots of the nation’s buying and selling companions’ exports to the U.S.
“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!” Trump wrote on social media platform Fact Social.
In an earlier put up Trump had stated the tariffs have been focusing on “COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS.”
Trump final week — forward of his Aug. 1 tariffs deadline — rejigged the tariff charges and pushed again the deadline to Aug. 7.
A number of the steepest duties embody Syria’s 41%, and Laos and Myanmar’s 40% fee, whereas Switzerland — after being unsuccessful in a last-minute scramble for a deal — is going through 39% tariffs.
Swiss negotiators this week travelled to Washington D.C. for talks after the nation’s increased fee got here as a shock to many, however to date, no deal seems to have been agreed. An replace is predicted from the Swiss authorities in a while Thursday.
Individually, Brazil and India are each now going through duties of fifty%. Whereas Brazil’s tariffs seem to have kicked in, India’s fee is at 25% for now, and can rise to 50% later this month, in response to an govt order signed Wednesday. Trump stated his tariffs on India are associated to its present purchases of Russian oil.
Different international locations and areas, in the meantime, have been in a position to strike commerce agreements with the U.S. This consists of the European Union, Japan and South Korea — which all now face 15% tariffs — in addition to the U.Okay., which negotiated a ten% fee.
Others, together with China and Mexico, stay in limbo. China is engaged in one thing of a commerce truce with the U.S. for now, whereas beforehand introduced charges for Mexico are on pause.
‘This recreation is just not over’
Trump’s newest tariff bulletins — together with increased duties on India and threats of 100% tariffs on chips — present “this recreation is just not over,” in response to Invoice Papadakis, macro strategist at Lombard Odier.
“There was some optimism constructing not too long ago as a result of the general degree of uncertainty has come down. Some offers have been struck, certainly the injury achieved on U.S. markets earlier made Trump stroll again a few of his most aggressive threats and, in that sense, it revealed to us that we would not find yourself within the worst case state of affairs,” he informed CNBC’s “Europe Early Version” on Thursday.
However Papadakis additionally warned in opposition to being overly optimistic. The tariffs have now been imposed, he famous, and their impact on financial progress and inflation is just not but clear.