A new Executive Order from President Trump revises U.S. tariff rates, citing ongoing trade deficits as a national emergency. The order, based on the International Emergency Economic Powers Act and the Trade Act of 1974, modifies existing duties on imported goods. Several countries will experience significant changes, including Iraq, Laos, Myanmar, Switzerland, Syria, and Brazil. India’s tariff rate is unchanged. The order includes a conditional structure for the European Union, increasing duties on some goods and maintaining existing rates on others. Stiff penalties will be levied on goods involved in transshipment schemes. Implementation will be managed by key government officials, who will also monitor the situation and recommend further actions if needed.
US Announces Revised Tariffs: Significant Changes for Trading Partners, Including Brazil and Syria
