President Donald Trump’s tariffs on over 60 countries go into effect at midnight after 18 weeks of tough negotiations following his dramatic ‘Liberation Day’ tariff threats in April.
Last week, he gave a last-minute extension to some countries that were still working on a deal with the United States.
But now doomsday is finally here.
Tariffs on over 60 countries range up to as high as 50 percent – for those considered to have ‘unfair’ trading policies with the U.S.
Trump recently slapped a 50 percent tariff on most Brazilian goods after Brazil’s president continues to defy the president’s demands to end a ‘witch hunt’ prosecution of former President Jair Bolsonaro.
The executive order, however, exempted some Brazil exports from the tariffs such as aircraft, pig iron, precious metals, wood pulp, energy, orange juice, and fertilizer.
Major Brazilian exports such as beef and coffee were not exempted.
One major country facing steep tariffs is India, after the president on Wednesday implemented an additional 25 percent tariff that will go into effect on August 27, after the United States already set a 25 percent tariff on the country on August 1.
The president said the decision to level additional tariffs was due to India purchasing Russian oil, which he told CNBC on Tuesday was ‘fueling the war machine’ as Russian President Vladimir Putin continues his war in Ukraine.
President Donald Trump prepares to level additional tariffs on Thursday as some countries have yet to reach a renegotiated trade deal with the United States
U.S. President Donald Trump speaks in the Oval Office while U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick stand next to him
Mexico was granted a 90-day extension as officials continue to negotiate. But the president imposed a 35 percent tariff on Canada.
Imported goods from Canada that fall under the USMCA trade deal, however, are not affected by the additional tariffs.
Other countries that have yet to make a trade deal with the United States include Switzerland, South Africa, Brunei, Cambodia, Bolivia, Ecuador, Iceland, Nigeria, Sri Lanka, New Zealand, Turkey, Norway, Iran, North Korea, and Russia.
The United States and China agreed to extend trade talks to August 12, following successful negotiations in July with American and Chinese officials in Stockholm.
Ahead of sharp deadlines in August, Trump made major strides with his negotiations in late July after announcing trade deals with the United Kingdom and the European Union.
Trump boasted of agreements with European officials that secured billions of dollars of investments into the United States.
A $550 billion trade deal with Japan was also set earlier in July.
The additional tariff hikes on some countries threaten to raise the cost of everyday goods such as food and produce, clothing, automobiles and parts, steel, copper, aluminum, and electronics.
U.S. President Donald Trump holds up a chart while speaking during a “Make America Wealthy Again” trade announcement
Shipping containers and Honda Ciivc cars lined up at the Western Docks at the Port of Southampton. PA
Many American importers are eating the costs of tariffs rather than pass them on to the consumer, but warn that they will not be able to continue long term.
The United States has collected $152 billion in gross revenue for the calendar year so far as Treasury Secretary Scott Bessent has predicted that tariff revenue could generate as much as $300 billion by the year’s end.
President Trump defended his tariffs in an interview on CNBC on Tuesday, declaring that people in the United States ‘love the tariffs.’
‘They love their country, and they love that foreign countries aren’t ripping us off. For years, they ripped us off. Friend and foe,’ he said. ‘And the friend was worse.’
