Trump Announces Sweeping Global Tariffs Effective August 7

President Donald Trump has implemented a new global tariff policy establishing a 10% baseline tariff on imports from most countries, with at least a 15% tariff imposed on approximately 40 countries that have trade deficits with the U.S. Some nations face tariffs exceeding 15%, with about 70 countries facing increased export taxes, including Canada now facing 35%. These tariffs are set to take effect on August 7, allowing a brief window for countries to negotiate new trade agreements. The average U.S. tariff rate has risen to about 15.2%, the highest level since World War II, reflecting Trump's continued shift away from previous globalization policies. Despite some countries receiving lower rates compared to earlier announcements, these tariffs remain substantially higher than prior trade agreements, intensifying tensions with major trading partners like Canada and Mexico. Ongoing negotiations with affected countries, including Canada, suggest that tariff rates may still be subject to change.