U.S. new tariffs take effect

U.S. President Donald Trump’s sweeping new tariffs finally took effect on August 7, slapping levies on dozens of countries.

Tariffs between 10% and 41% were applied to nearly 70 countries beginning at 12:01 a.m. Thursday (07:00 msk), significantly expanding the reach of Trump’s confrontational trade policy.

"It's midnight! Billions of dollars in tariffs are now flowing into the United States of America!" Trump posted shortly before midnight on his social media platform.

The tariffs arrived roughly a week after Trump delayed so-called reciprocal tariffs, opting to modify some levies.

Canada, a top U.S. trade partner, faces a 35% tariff. While Brazil, a key source of coffee, receives a 40% tariff which, when added on top of the 10% baseline tariff in the new order, means a 50% rate on the country's imports to the U.S.

The countries facing the highest rates in the executive order are Laos and Myanmar at 40% and Syria at 41%.

India is hit with a 25% tariff in the order but that is expected to climb to 50% on Aug. 27. Yesterday, Trump said he was imposing the additional 25% levy as punishment for India’s decision to continue purchasing Russian oil.

There is an extended rollout for goods shipped into the country by vessel. As long as they are shipped by August 7 and enter the U.S. by Oct. 5, they will not be subject to the new tariff rates.

The White House has said the rates were determined largely based on the trade deficit the U.S. has with those trading partners.