U.S. President Donald Trump speaks to reporters ahed of boarding Marine One to depart for New Jersey, on the White Home in Washington, D.C., U.S., August 1, 2025.
Jonathan Ernst | Reuters
U.S. President Donald Trump’s so-called “reciprocal” tariffs took impact on Thursday, imposing greater duties on lots of the nation’s buying and selling companions’ exports to the U.S.
“IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!” Trump wrote on social media platform Reality Social.
In an earlier submit Trump had mentioned the tariffs have been focusing on “COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS.”
Trump final week — forward of his Aug. 1 tariffs deadline — rejigged the tariff charges and pushed again the deadline to Aug. 7.
Among the steepest duties embrace Syria’s 41%, and Laos and Myanmar’s 40% fee, whereas Switzerland — after being unsuccessful in a last-minute scramble for a deal — is going through 39% tariffs.
Swiss negotiators this week travelled to Washington D.C. for talks after the nation’s greater fee got here as a shock to many, however thus far, no deal seems to have been agreed. An replace is anticipated from the Swiss authorities in a while Thursday.
Individually, Brazil and India are each now going through duties of fifty%. Whereas Brazil’s tariffs seem to have kicked in, India’s fee is at 25% for now, and can rise to 50% later this month, in keeping with an govt order signed Wednesday. Trump mentioned his tariffs on India are associated to its present purchases of Russian oil.
Different international locations and areas, in the meantime, have been in a position to strike commerce agreements with the U.S. This consists of the European Union, Japan and South Korea — which all now face 15% tariffs — in addition to the U.Okay., which negotiated a ten% fee.
Others, together with China and Mexico, stay in limbo. China is engaged in one thing of a commerce truce with the U.S. for now, whereas beforehand introduced charges for Mexico are on pause.
‘This recreation will not be over’
Trump’s newest tariff bulletins — together with greater duties on India and threats of 100% tariffs on chips — present “this recreation will not be over,” in keeping with Invoice Papadakis, macro strategist at Lombard Odier.
“There was some optimism constructing lately as a result of the general stage of uncertainty has come down,” he advised CNBC’s “Europe Early Version” on Thursday, stating that a number of offers have been made and Trump has walked again a few of his threats.
“However we should not be overly optimistic both,” he warned, because the influence of tariffs on financial development and inflation will not be but clear.
Beat Wittmann, chairman and companion at Zurich-based Porta Advisors, famous that sharp duties like those confronted by India and Switzerland shouldn’t come as a shock.
“You simply watch how Trump is treating neighbors, Canada, after which you may think about all the remaining. So welcome to this new world,” he advised CNBC’s “Squawk Field Europe.”
Wittmann additionally weighed in on Switzerland, because it scrambles to decrease its tariff fee.
“What ought to Switzerland do? Understand that we reside in a world of policymakers and these different three superpowers — China, EU and the U.S., and all the remaining — are in numerous levels, takers,” he mentioned.
“So the one factor you are able to do is short-term accommodate, be versatile, be adaptive. However you understand, structurally, you must change into stronger your self and extra impartial.”
