Trump Imposes New Tariffs on Dozens of Countries, Including Canada and Brazil

New Tariffs Announced

• 🇺🇸 President Trump signed an executive order imposing steep tariffs on exports from dozens of countries.
• ⏰ The order was signed ahead of a Friday trade deal deadline that has now expired.

Specific Country Tariffs

• 🇨🇦 Canada faces a 35% tariff on many goods, an increase from previous rates, with Trump citing a failure to cooperate on curbing illicit narcotics.
• 🇧🇷 Brazil was hit with a 50% tariff on many goods.
• 🇪🇺 The EU and Taiwan will face tariffs in one week, 7 days after the August 1st deadline.
• 🌏 Goods from other countries not on the specific lists will receive a 10% tax.

Trade Deal Extensions and Deadlines

• 🇲🇽 Mexico received a 90-day extension to negotiate a broader trade deal.
• 🇨🇳 China has an August 12th deadline to reach a longer-lasting tariff agreement, following preliminary agreements in May and June.

Market Reaction

• 📉 While Trump's previous trade policies caused market sell-offs, the reaction to these new tariffs has been more muted so far.
• 💹 Stocks and equity futures saw modest declines in Friday morning trading in Asia.