His latest measures, announced in an executive order, raise duties on nearly 70 economies from the current 10% level imposed in April.
The steeper levels, varying by trading partner, go as high as 41%.
Trump also adjusted some tariff levels threatened in April, with Switzerland now facing a higher 39% duty and Thailand a lower 19% rate.
The tariff on Taiwanese products was revised down to 20%, but Taiwanese President Lai Ching-te vowed to seek an even lower level.
Trump separately raised tariffs on Canadian goods to 35%, though he indicated in an NBC interview that he was open to further talks. Canada and Mexico face a separate tariff regime. But exemptions remain for imports to the United States under a North American trade pact.
“No doubt about it, the executive order and related agreements concluded over the past few months tear up the trade rule book that has governed international trade since World War II,” said Wendy Cutler, senior vice-president of the Asia Society Policy Institute.
“Whether our partners can preserve it without the United States is an open question.”
Frantic negotiations
The elevated duties come after Washington twice postponed their implementation amid a frantic series of negotiations, alongside announcements of new duties and deals with partners.
Yesterday, Trump announced he was delaying a tariff hike on Mexican products, keeping levels at 25% with existing exemptions. The 90-day postponement followed talks with Mexican President Claudia Sheinbaum.
The 79-year-old Republican has made tariffs core to his protectionist brand of hard-right politics. Yesterday, he claimed the US economy had “no chance of survival or success” without tariffs.
But the latest salvo came amid legal challenges against his use of emergency economic powers. After a lower court said the president exceeded his authority, the US Court of Appeals heard arguments yesterday in cases against Trump’s blanket tariffs targeting different countries.
While Trump has touted a surge in customs revenues this year, economists warn the duties could fuel inflation.
Proponents of his policy argue that their impact will be one-off. Analysts are awaiting further data to gauge more persistent effects.
China question mark
Among those who have managed to strike deals with Washington are Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union.
Britain also reached a pact with the US, although it was not originally targeted by higher “reciprocal” tariffs.
For Canada, transshipped goods to evade its 35% duty would face even higher levels, said a White House fact sheet. Its trade ties with Washington faced renewed threat after Prime Minister Mark Carney announced plans to recognise a Palestinian state at the UN General Assembly in September.
Trump’s latest order appeared to raise tariffs to 15% on several countries not initially targeted in April, including Ecuador, Ghana and Iceland.
Notably excluded from the latest drama was China, which faces an August 12 deadline instead, when duties could bounce back to higher levels.
Washington and Beijing slapped tit-for-tat tariffs on each other’s goods, bringing them to triple-digit levels before both countries reached an agreement in May to temporarily lower the duties.
The superpowers are now working towards extending their truce.
– Agence France-Presse
