The White House has announced a new round of tariffs affecting dozens of countries, set to take effect on 7 August as plans to reshape global trade relations comes into full view.
Among the notable changes is a sharp increase in tariffs on Canadian goods, rising from 25% to 35%. The new rate took effect at midnight US Eastern Time (04:00 GMT). However, due to existing trade agreements, most Canadian imports will remain exempt from the new levies.
In contrast, the implementation of higher tariffs on Mexican goods has been postponed for an additional 90 days, providing more time for trade negotiations between the two nations.
This latest round of tariffs follows President Donald Trump’s initial announcement of the plan in April, which sent shockwaves through the global economy. Recall that the administration temporarily paused implementation to allow countries time to renegotiate their trade terms, leading to new deals with the UK and European Union.
Under the new policy, companies importing foreign products into the United States will be required to pay the elevated tariffs to the government.