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Trump sets tariffs before deadline with 10%, 15% baseline rates

Catherine Lucey and Josh Wingrove, Bloomberg News on

Published in News & Features

WASHINGTON — President Donald Trump will maintain a minimum global tariff of 10%, while imports from countries with trade surpluses with the U.S. face duties of 15% or higher, the White House announced Thursday.

The White House issued a statement just hours before midnight Eastern time, the deadline Trump set last month after pausing his country-based tariffs for a second time to allow for negotiations. It was unclear exactly when the new rates would take effect.

Market reaction was muted in early Asian trading, showing investors were unsurprised by Trump’s announcement. The Canadian dollar and the South African rand little changed, while the Thai baht held a small decline. The Swiss franc edged lower.

The White House separately released a list of duties on imports from a slew of other trading partners that had yet to finalize trade pacts.

Some of which were expected, such as a 25% levy on Indian exports. Others included charges of 20% on Taiwanese products, 39% on Swiss goods and 30% on South African products. Thailand and Cambodia, two countries that were said to have struck a last-minute deal, received a 19% duty.

A senior U.S. administration official, speaking on condition of anonymity, told reporters Thursday that countries were sorted into three groups: 10% for those with which the U.S. has a goods trade surplus, roughly 15% for countries that reached deals or with which the U.S. runs a modest trade deficit in goods, and higher rates for countries that didn’t strike deals and with which the U.S. runs large goods deficits.

Other details are still forthcoming, including details on higher rates for certain exports that are transshipped, or routed through another country, the official said.

 

Trump followed through on his threat to hike tariffs on exports from Canada, one of the U.S.’s largest trading partners, to 35% from 25% starting Friday. That change excludes goods that are covered under a U.S.-Mexico-Canada free trade pact he negotiated in his first term.

In a fact sheet, the White House argued that “by imposing tariffs on countries with nonreciprocal trade practices, President Trump is incentivizing manufacturing on American soil and defending our industries.”

The announcements comes just hours before Trump’s self-imposed deadline. The lower rate will apply a wide range of mostly smaller- and medium-sized economies countries that Trump showed little interest in bargaining with.

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(With assistance from Derek Wallbank and Jennifer A. Dlouhy.)

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©2025 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.

 

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