President Donald Trump on Thursday formally unveiled sweeping tariff hikes on imports from more than 60 countries, intensifying his administration’s efforts to overhaul U.S. trade policy. The move, announced just hours before a self-imposed deadline, comes via an executive order outlining new duties set to take effect in seven days.
Under the order, nearly all countries will face import tariffs of at least 10%, with some as high as 41%. Syria, Laos, and Myanmar are among the hardest hit, with tariffs set at 41%, 40%, and 40%, respectively. The duties apply to goods “entered for consumption, or withdrawn from warehouse for consumption,” and the delay is intended to give U.S. Customs and Border Protection time to implement the changes.
A senior administration official described the new system as a tiered approach: nations with which the U.S. has a trade surplus will face 10% tariffs; those with a small trade deficit will see 15%; and countries with larger deficits will be subject to higher rates, based on previous proposals or existing deals.
Some rates were revised from earlier plans. Madagascar, which had faced a proposed 47% tariff in April, now faces only 15%. On the other hand, Switzerland saw its rate increase from 31% to 39%.
Major trading partners received separate treatment. Tariffs on Canadian goods will rise from 25% to 35% beginning Friday, following through on earlier threats. The White House criticized Canada for insufficient efforts in curbing illicit drug trafficking. In response, Canadian Prime Minister Mark Carney expressed “disappointment,” emphasizing that Canada is responsible for only 1% of U.S. fentanyl imports and is already taking action to reduce that figure.
Mexico received a 90-day extension to reach a trade deal, while China was granted a likely three-month reprieve ahead of its August 12 deadline.
The tariff escalation follows missed deadlines for trade deals earlier this year. In April, Trump suspended a planned tariff hike dubbed “Liberation Day” and gave trading partners until July 9 to reach agreements. That deadline passed with limited progress, and Trump vowed not to grant further extensions beyond August 1.
As of now, only a few trade deals — including with the EU, South Korea, and Japan — have been finalized. Experts have criticized these agreements for lacking the depth and structure of conventional trade pacts.
Critics argue that the policy may hurt consumers and businesses by raising import costs and fueling uncertainty. According to Goldman Sachs, countries without U.S. trade deals now account for 56% of all American imports.
Despite the criticism, Trump defended the strategy in an NBC interview, saying, “It’s too late” for countries that missed the deadline, but added that he remains open to negotiations. He pointed to revenue gains and stable inflation as signs the plan is working.
White House spokesperson Kush Desai said in a statement that the administration’s strategy has “unlocked unprecedented market access” for U.S. goods and reinforced America’s global economic influence. “The best is yet to come,” he added.
While Trump’s return to office has been marked by promises to rewrite global trade rules in favor of American workers, the administration has faced logistical and diplomatic challenges in executing that vision. Daniel Altman, founder of High Yield Economics, noted that “there were never enough trade negotiators in all of Washington to conclude all of these details by August 1.”
For now, the world’s trading partners are left navigating a significantly altered landscape — one where doing business with the U.S. has just become considerably more expensive.
