ADDS DETAILS THROUGHOUT
By Michael Hernandez
WASHINGTON (AA) - US President Donald Trump signed an executive order Thursday that modifies the reciprocal tariff rate for dozens of countries ahead of his self-imposed Aug. 1 trade deal deadline.
The order changes "the reciprocal tariff rates for certain countries to further address our exploding, annual U.S. goods trade deficits," the White House said in a statement.
"This decisive action reflects the President’s continued efforts to protect the United States against foreign threats to the national security and economy of the United States by securing fair, balanced, and reciprocal trade relationships to benefit American workers, farmers, and manufacturers and to strengthen the United States’ defense industrial base," it added.
The new rates go into effect on Aug. 7, appearing to give negotiators a buffer time to hammer out deals.
The order says that some of the affected nations "have agreed to, or are on the verge of concluding, meaningful trade and security agreements with the United States" and will be subjected to the increased tariffs until their deals are finalized.
The president earlier said that his administration had struck a "couple" of deals but did not offer further details. It is unclear which nations Trump was referring to when he addressed reporters at the White House.
Trump on April 2 announced sweeping tariffs for countries across the world and later established a 10% baseline rate that would be imposed on countries while individual negotiations played out. The president imposed an Aug. 1 deadline for nations to strike deals with his negotiating team or face heightened import duties.
A separate order signed by Trump will increase the tariff rate on Canada from 25% to 35% on Aug. 1.
Most nations received tariff rates between 15%-30%, but Iraq (35%), Laos (40%), Myanmar (40%), Switzerland (39%) and Syria (41%) were each tagged with higher rates.
A copy of the order provided by the White House lays out the adjusted tariff rates as follows:
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