The White House has announced that 26 countries will be subjected to new or increased tariffs of over 15% on their goods exported to the United States a move a senior administration official attributed to ” ,excessive trade deficits” with the U.S.The new rates are part of a broader overhaul of the nation’s trade policy and are set to take effect on August 7.
Under the new tariff regime, countries with which the U.S. has a trade deficit will face a baseline tariff of 15%. However, the administration has identified 26 nations that it says have “excessive” trade imbalances, subjecting them to even higher duties.
- Algeria: 30%
- Bangladesh: 20%
- Bosnia and Herzegovina: 30%
- Brunei: 25%
- Cambodia: 19%
- India: 25%
- Indonesia: 19%
- Iraq: 35%
- Kazakhstan: 25%
- Laos: 40%
- Libya: 30%
- Malaysia: 19%
- Moldova: 25%
- Myanmar: 40%
- Nicaragua: 18%
- Pakistan: 19%
- Philippines: 19%
- Serbia: 35%
- South Africa: 30%
- Sri Lanka: 20%
- Switzerland: 39%
- Syria: 41%
- Taiwan: 20%
- Thailand: 19%
- Tunisia: 25%
- Vietnam: 20%
In addition, Mexico and Canada will continue to face higher tariffs for goods that are not exempt under the US-Mexico-Canada free-trade agreement. Mexico on Thursday agreed to a 90-day continuation of the current 25% tariff rate the US currently places on those items. Non-exempt Canadian goods imported to the United States will face a 35% as of Friday .