Tariffs Imposed by Trump Set to Begin on August 7 - Here Are the Latest Rates Adjustments
Headline: Updated Tariff Rates for 67 Countries Announced by President Trump
In a significant move, President Donald Trump signed an executive order on Thursday night, outlining updated tariff rates for 67 countries, the European Union, and Taiwan, ranging between 10% and 41%.
The new order brings changes to several countries' tariff rates, including Guyana (15% down from 38%), Namibia (15% down from 21%), Indonesia (19% down from 32%), Angola (15% down from 32%), and Lesotho (15% down from 50%). However, it's important to note that the new order does not cover rates for China and Mexico, as negotiations with these countries are still ongoing.
On the other hand, some countries have seen an increase in their tariff rates. For instance, Ecuador (15% up from 10%), Iceland (15% up from 10%), Afghanistan (15% up from 10%), Papua New Guinea (15% up from 10%), Costa Rica (15% up from 10%), and Ghana (15% up from 10%) are among those affected.
Notably, Brazil faces an additional 40% tariff due to the ongoing criminal prosecution of Trump's ally and the country's former President Jair Bolsonaro.
The European Union's tariff rate has been decreased from 20% to 15%, a significant relief for EU countries. Canada, however, is not mentioned in Trump's reciprocal tariffs order, but a separate announcement stated that Canada will face a 35% tariff rate for goods not covered under the United States-Mexico-Canada Agreement (USMCA), due to the flow of fentanyl and other illicit drugs across the northern border.
Other countries experiencing changes in their tariff rates include Malaysia (19% down from 24%), Nauru (15% down from 30%), Zimbabwe (15% down from 18%), Mauritius (15% down from 40%), Switzerland (39% up from 31%), North Macedonia (15% down from 33%), Fiji (15% down from 32%), Mozambique (15% down from 16%), Côte d`Ivoire (15% down from 21%), United Kingdom (10% same as "Liberation Day"), Vietnam (20% down from 46%), Jordan (15% down from 20%), Moldova (25% down from 31%), Malawi (15% down from 17%), India (25% down from 26%), Venezuela (15% same as "Liberation Day"), Iraq (35% down from 39%), South Korea (15% down from 25%), Zambia (15% down from 17%), Myanmar (Burma) (40% down from 44%), Algeria (30% same as "Liberation Day"), Chad (15% up from 13%), Philippines (19% up from 17%), Libya (30% down from 31%), Madagascar (15% down from 47%), Ghana (15% up from 10%), South Africa (30% same as "Liberation Day"), Falkland Islands (10% down from 41%), Nigeria (15% up from 14%), Japan (15% down from 24%), Democratic Republic of the Congo (15% up from 11%), Tunisia (25% down from 28%), Cameroon (15% up from 11%), Vanuatu (15% down from 22%), New Zealand (15% up from 10%), Liechtenstein (15% down from 37%), Trinidad and Tobago (15% up from 10%), Thailand (19% down from 36%), Bangladesh (20% down from 37%), Sri Lanka (20% down from 44%), Turkey (15% up from 10%), Brunei (25% up from 24%), Serbia (35% down from 37%), Cambodia (19% down from 49%), Kazakhstan (25% down from 27%), and Syria, Laos, and Myanmar will face the highest reciprocal tariff rates of 40 to 41%.
This order marks a continuation and escalation of tariffs imposed under the International Emergency Economic Powers Act since April 2025, reflecting limited progress in bilateral trade negotiations between the U.S. and various countries. As of early August 2025, reciprocal tariffs on Canada were raised to 35% by the Trump administration, effective August 1, 2025, as part of a modified tariff policy following the initial April 2025 announcement. However, these tariffs do not apply to Canadian goods that qualify for duty-free exemptions under the USMCA. This increase followed a 90-day pause on higher, country-specific reciprocal tariffs that initially reduced tariffs to a 10% baseline while negotiations took place. The pause was extended through August 1, after which the 35% tariff rate on Canadian goods became effective, reflecting ongoing bilateral trade issues such as agricultural trade disputes and fentanyl enforcement concerns.
In the realm of finance, business, and politics, the new tariff schedule announced by President Trump on August 7, 2025, shows significant shifts, affecting 67 countries, including changes in tariff rates for countries such as Guyana, Namibia, Indonesia, Angola, and Lesotho. Conversely, specific countries, like Ecuador, Iceland, Afghanistan, Papua New Guinea, Costa Rica, and Ghana, face an increase in their tariff rates. The decision affects various aspects of general-news, such as international trade relations and the ongoing negotiations with China and Mexico.
