By Catherine Lucey and Josh Wingrove
President Donald Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher duties for countries with trade surpluses with the US, as he forged ahead with his effort to reshape international commerce.
The baseline rates for many trading partners remain unchanged from the duties Trump imposed in April, which will come as a relief to investors after the president had previously said it could go higher. Yet his move to raise tariffs on Canadian goods to 35% threatens to inject fresh tensions into an already strained relationship.
Market reaction was muted in early Asian trading with the Canadian dollar and the South African rand little changed, while the Thai baht held a small decline. The Swiss franc edged lower after the nation’s products were hit with a 39% charge, one of the few that saw the rate go up.
Read More: The Full List of US Tariff Rates on Global Trading Partners
Most of the rates will take effect after midnight on Aug. 7 to allow time for US Customs and Border Protection to make necessary changes to collect the levies. Trump signed the directive just hours before his prior Aug. 1 deadline for higher tariffs to kick in on dozens of trading partners.
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