Trump's 'reciprocal' tariffs come into impact, hitting dozens of U.S. buying and selling companions

[ad_1] U.S. President Donald Trump speaks to reporters ahed of boarding Marine One to depart for New Jersey, on the White Home in Washington, D.C., U.S., August 1, 2025.

Jonathan Ernst | Reuters

U.S. President Donald Trump's so-called "reciprocal" tariffs took impact on Thursday, imposing larger duties on lots of the nation's buying and selling companions' exports to the U.S.

"IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote on social media platform Fact Social.

In an earlier post Trump had mentioned the tariffs had been focusing on "COUNTRIES THAT HAVE TAKEN ADVANTAGE OF THE UNITED STATES FOR MANY YEARS."

India's $434 billion merchandise exports engine: What's at stake as Trump doubles tariffs to 50% Trump final week — forward of his Aug. 1 tariffs deadline — rejigged the tariff rates and pushed again the deadline to Aug. 7.

Among the steepest duties embody Syria's 41%, and Laos and Myanmar's 40% price, whereas Switzerland — after being unsuccessful in a last-minute scramble for a deal — is going through 39% tariffs.

Swiss negotiators this week travelled to Washington D.C. for talks after the nation's larger price got here as a shock to many, however thus far, no deal seems to have been agreed. An replace is anticipated from the Swiss authorities in a while Thursday.

<img src="https://image.cnbcfm.com/api/v1/image/108182287-1754483135305-gettyimages-1012186136-sunriseskylinebernswitzerland.jpeg?v=1754483142&w=160&h=90" alt="Bern Skyline taken from the Rosengarten at sunrise in Switzerland.

Church centre: Nydeggkirche Cathedral right: Berner Münster Bridge left: Nydeggbrücke"/> Switzerland is in a uniquely difficult position when it comes to tariffs. Here's why Individually, Brazil and India are each now going through duties of fifty%. Whereas Brazil's tariffs seem to have kicked in, India's price is at 25% for now, and can rise to 50% later this month, in line with an govt order signed Wednesday. Trump mentioned his tariffs on India are associated to its present purchases of Russian oil.

Different international locations and areas, in the meantime, have been capable of strike commerce agreements with the U.S. This consists of the European Union, Japan and South Korea — which all now face 15% tariffs — in addition to the U.Ok., which negotiated a ten% price.

Others, together with China and Mexico , stay in limbo. China is engaged in one thing of a commerce truce with the U.S. for now, whereas beforehand introduced charges for Mexico are on pause.

'This sport just isn't over' Trump's newest tariff bulletins — together with larger duties on India and threats of 100% tariffs on chips — present "this sport just isn't over," in line with Invoice Papadakis, macro strategist at Lombard Odier.

"There was some optimism constructing lately as a result of the general degree of uncertainty has come down," he instructed CNBC's "Europe Early Version" on Thursday, mentioning that a number of offers have been made and Trump has walked again a few of his threats.

"However we should not be overly optimistic both," he warned, because the affect of tariffs on financial development and inflation just isn't but clear.

Beat Wittmann, chairman and accomplice at Zurich-based Porta Advisors, famous that sharp duties like those confronted by India and Switzerland mustn't come as a shock.

"You simply watch how Trump is treating neighbors, Canada, after which you possibly can think about all the remainder. So welcome to this new world," he instructed CNBC's "Squawk Field Europe."

Wittmann additionally weighed in on Switzerland, because it scrambles to decrease its tariff price.

"What ought to Switzerland do? Notice that we stay in a world of policymakers and these different three superpowers — China, EU and the U.S., and all the remainder — are in varied levels, takers," he mentioned.

"So the one factor you are able to do is short-term accommodate, be versatile, be adaptive. However you realize, structurally, you need to develop into stronger your self and extra unbiased."