US President Donald Trump signed an executive order raising tariffs on dozens of key trading partners around the world. The new tariffs aim to reduce trade deficits that the administration says harm the US economy and national security.
Under the new policy, 68 countries and the 27-member European Union will face a default 10 per cent tariff. However, countries with trade deficits with the U.S. will face a minimum 15 per cent tariff, affecting about 40 nations. Some will face much higher rates, especially those with large deficits or who have not renegotiated trade terms with the U.S.
Canada, previously facing a 25 per cent tariff, will now be hit with a 35 per cent rate. Syria faces the highest tariff at 41 per cent, followed by Laos and Myanmar at 40 per cent, Switzerland at 39 per cent, and Iraq and Serbia also at 35 per cent. Other countries like Algeria, Bosnia and Herzegovina, Libya, and South Africa will pay 30 per cent.
Trump also confirmed that Mexico will continue to face a 25 per cent tariff, which he linked to fentanyl trafficking. Earlier this year, he reimposed tariffs on both Mexico and Canada shortly after returning to office, marking one of his first major trade moves.
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