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President Donald Trump on Thursday formally imposed sweeping new tariffs on imports from more than 60 countries, issuing an executive order just hours before the administration’s self-imposed midnight deadline.
The new tariffs — ranging from 10% to as high as 41% — are set to take effect in seven days and will apply to goods “entered for consumption, or withdrawn from warehouse for consumption.” The directive marks a dramatic escalation in the administration’s attempt to rewrite global trade rules and deliver on Trump’s promise to prioritize American manufacturing and jobs.
Among the steepest tariffs are those on imports from Syria (41%), Laos (40%) and Myanmar (40%), though few countries escaped significant levies. Most imports will face at least a 10% duty, according to the White House order.
“For most economies and most of our trading partners, the cost of doing trade tomorrow will be higher than it is today,” said Greg Daco, chief economist at EY-Parthenon.
Thursday’s action follows months of stalled negotiations and missed deadlines. Trump first unveiled the so-called “Liberation Day” tariffs in April but gave trading partners a 90-day grace period to strike bilateral deals. While a handful of countries and blocs — including the EU, UK, Japan, South Korea, the Philippines, and Indonesia — reached framework agreements, most lacked the detail or scope of traditional trade deals.
“It’s important to note that we don’t even have any deals as deals are commonly understood,” said Alex Jacquez, chief of policy at the Groundwork Collaborative. “Even the U.K. agreement is still being discussed.”
Notably, major U.S. trading partners like Canada and Mexico, which together account for 56% of U.S. imports, have yet to reach deals. In total, the White House has fallen far short of its “90 deals in 90 days” pledge from the spring.
Still, the administration points to key victories. Under the EU deal, the U.S. will impose a 15% tariff on most European imports, while the EU has agreed to drop all tariffs on American goods. Similar terms apply to agreements with Japan and South Korea.
Some countries accepted higher tariffs as the cost of preserving relations. The Philippines and Indonesia will each face a 19% duty; Vietnam faces a 20% tariff, plus a 40% levy on goods transshipped through third countries.
“In any other time frame, one would have said that having the EU, Korea, Japan, Philippines, Indonesia and the United Kingdom covers an awful lot of world trade and U.S. trade,” said Alan Wolff, senior fellow at the Peterson Institute for International Economics.
The aggressive tariff campaign is also boosting federal revenues. The U.S. Treasury collected $27 billion in tariff revenue in June — more than triple what it gathered during the same month last year.
Despite White House claims that foreign countries will absorb the costs, economists note that tariffs are typically paid by U.S. importers and passed on to consumers, raising prices and potentially fueling inflation.
“There were never enough trade negotiators in all of Washington to conclude all of these details by August 1,” said Daniel Altman, founder of High Yield Economics. “We have some framework agreements… but a lot of those include tariff rates that are pretty much the same as the base rate of 15%.”
Trump’s move to enact tariffs on such a broad scale underscores a central pillar of his second-term agenda: realigning the global trade order in America’s favor. Whether that translates into long-term economic gain or political blowback will depend on how U.S. businesses and consumers respond in the months ahead.
