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President Donald Trump has signed off on sweeping new tariffs for dozens of countries as he continues to escalate his global trade war.
Trump imposed higher import duty rates of between 10 per cent and 41 percent for multiple trading partners including the European Union, set to come into force on August 7.
Among the hardest hit nations is Switzerland on 39 percent, while Canada is facing 35 percent. Some of the countries affected had reached tariff-reducing deals with the U.S. but others had no opportunity to negotiate with the Trump administration.
Goods from all other countries not listed would be subject to a 10 per cent US import tax. Trump had previously threatened that rate might be higher.
The administration also teased that more trade deals were in the pipeline as it seeks to close trade deficits.
European stocks hit a three-week low on Friday as investors focused on the impact of the new tariffs, while Asian shares were headed for the worst week since April after the announcement Thursday night.
Trump’s separate order for Canada raises the rate on Canadian goods subject to fentanyl-related tariffs to 35 per cent, from 25 per cent previously, saying the country had "failed to cooperate" in curbing illicit narcotics flows into the U.S.
The higher tariffs on Canadian goods contrasted sharply with Trump's decision to grant Mexico a 90-day reprieve from higher tariffs of 30 per cent on many goods to provide more time to negotiate a broader trade pact.
Canadian prime minister Mark Carney said he was disappointed by Trump's decision, and vowed to take action to protect Canadian jobs and diversify the country's export markets.
Meanwhile, China is facing an August 12 deadline to reach a tariff agreement with Trump's administration after Beijing and Washington reached preliminary agreements in May and June to end tit-for-tat levies. A U.S. official said they are making progress toward a deal.
US trading partners hit by new tariffs:
Syria 41%
Laos 40%
Myanmar (Burma) 40%
Switzerland 39%
Canada 35%
Iraq 35%
Serbia 35%
Algeria 30%
Bosnia and Herzegovina 30%
Libya 30%
South Africa 30%
Brunei 25%
India 25%
Kazakhstan 25%
Moldova 25%
Tunisia 25%
Bangladesh 20%
Sri Lanka20%
Taiwan 20%
Vietnam 20%
Cambodia 19%
Indonesia 19%
Malaysia 19%
Pakistan 19%
Philippines 19%
Thailand 19%
Nicaragua 18%
Afghanistan 15%
Angola 15%
Bolivia 15%
Botswana 15%
Cameroon 15%
Chad 15%
Costa Rica 15%
Côte d`Ivoire 15%
Democratic Republic of the Congo 15%
Ecuador 15%
Equatorial Guinea15%
European Union 15%
Fiji 15%
Ghana 15%
Guyana 15%
Iceland 15%
Israel 15%
Japan 15%
Jordan 15%
Lesotho 15%
Liechtenstein 15%
Madagascar 15%
Malawi 15%
Mauritius 15%
Mozambique 15%
Namibia 15%
Nauru 15%
New Zealand 15%
Nigeria 15%
North Macedonia 15%
Norway 15%
Papua New Guinea 15%
South Korea 15%
Trinidad and Tobago 15%
Turkey 15%
Uganda 15%
Vanuatu 15%
Venezuela 15%
Zambia 15%
Zimbabwe 15%
Brazil10%
Falkland Islands 10%
United Kingdom 10%
