(MENAFN- Gulf Times) US President Donald Trump has signed an executive order to increase tariffs on imports from dozens of countries, in a move aimed at restructuring global trade dynamics and promoting US economic interests.
The new tariffs are set to take effect on August 7, with the deadline approaching later today.
According to a statement from the White House, the new tariffs will range between 10% and 41%, with Syria facing the highest rate at 41%.
Other countries subject to significant tariff hikes include South Africa (30%), Serbia (35%), Switzerland (39%), and Laos (40%).
The executive order also imposes up to 35% tariffs on various goods from Canada, 50% on Brazil, 25% on India, and 39% on Switzerland.
In contrast, some countries have managed to negotiate agreements with the US to lower tariff rates, while others have not yet had the opportunity to engage in talks with the current administration.
As a result, the European Union, Japan, and South Korea will face a 15% tariff, while United Kingdom exports will be subject to a 10% tariff.
This move is part of Trump's broader economic agenda, which aims to address what the administration describes as longstanding trade imbalances with certain countries.
The announcement has triggered mixed reactions globally. While some countries have welcomed tariff reductions following negotiations, others have expressed concern over the potential negative impact of the higher tariffs on their national economies.

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