Donald Trump (Social media)
International News: US President Donald Trump has taken a major step in his trade policy by signing a fresh executive order on Thursday. This order introduces new import tariffs that will come into effect from August 7, targeting several countries. The decision is seen as a major test for the global economy and America's trade relationships, which have been built over many years.
The announcement came after days of intense discussions and last-minute deals. The White House said it had reached some trade understandings with a few nations before Trump’s deadline. The new tariff schedule is being delayed slightly to make sure all tax rates are aligned properly, according to a senior official who spoke to the press anonymously.
The executive order states that 68 countries, along with the entire European Union, will now be subject to specific tariff rates. Any country not included in the list will be charged a standard 10% import tax. According to the US government, these rates were determined based on each country's trade relationship with the US and their economic status.
Earlier in the day, President Trump held a phone call with Mexican President Claudia Sheinbaum. Following their conversation, both leaders agreed to a 90-day period to sort out trade matters. The existing 25% tariff will continue for now, which is lower than the 30% rate Trump had earlier threatened.
President Sheinbaum later posted on social media that the call helped avoid a hike in tariffs and gave both sides more time to reach a lasting agreement.
Speaking to reporters, Trump said, “We’ve made some great trade deals today,” though he didn’t give names or specifics. A senior official from his administration also refused to reveal which countries had signed new agreements.
Trump mentioned Canada specifically, saying its Prime Minister Mark Carney had contacted him regarding the 35% duties the US plans to impose. However, he mentioned, “We haven’t had any talks with Canada today.”
This isn’t the first time President Trump has used import taxes to push countries into trade agreements. In April, he imposed high tariffs that caused panic in the US stock market and raised fears of a possible recession. That led to a temporary 90-day delay, during which more negotiations were expected—but not many deals happened.
As a result, Trump sent letters to various world leaders listing new tariff rates, which sparked a new wave of hurried discussions.
Trump has already signed new trade agreements with South Korea, Japan, the European Union, the Philippines, and Indonesia. His Commerce Secretary, Howard Lutnick, also confirmed on TV that deals had been reached with Cambodia and Thailand after the two countries calmed down a border dispute.
Meanwhile, Switzerland and Norway are still uncertain about how tariffs will affect them. EU officials are preparing documents to define how the new duties will work on imported goods, especially automobiles. Trump had earlier announced progress with the EU while on a visit to Scotland.
President Trump’s decision to roll out these tariffs is part of a larger plan to reshape global trade in favor of the United States. Whether it will help American workers or strain relations with close allies remains to be seen in the coming months.
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