Trade Update: Global Reciprocal Tariffs Begin Aug. 1, Canadian Goods Face New 35% Tariff
The reciprocal tariffs, originally set to take effect on July 9, have been pushed back. An executive order, issued by President Trump on July 8, extends the deadline for implementing the proposed reciprocal tariffs to Aug. 1.
Aug. 1 is the day two key actions go into effect: a sweeping 35% tariff on all Canadian imports and the implementation of reciprocal tariffs targeting countries worldwide.
Initially slated for July 9, the reciprocal tariffs were delayed via a July 8 executive order, granting more time for negotiation and adjustment. Countries including Cambodia, Laos, and Myanmar saw their proposed rates lowered, while others (Japan and Malaysia) faced modest increases.
Final tariff rates range between 25% and 40%, varied by country, and are intended to mirror what the U.S. sees as unfair trade practices.
In a separate but related move, President Trump announced a blanket 35% tariff on Canadian goods, citing Canada’s failure to sufficiently address fentanyl trafficking into the U.S. This new tariff is in addition to existing U.S. duties, which already include a 50% tariff on Canadian steel and aluminum.
Both sets of tariffs could still shift, depending on how trade partners respond. That said, President Trump has signaled that Aug. 1 is the “firm but not 100% firm” enforcement date. He took to Truth Social to say, “There has been no change to this date, and there will be no change.”
Keep up on PRINTING United Alliance’s legislative efforts and its pro-print agenda.
