Trump Adjusts Tariffs for Key Trading Partners

New Rates Range from 10% to 41%, Effective August 7

President **Donald Trump** has signed an executive order altering reciprocal tariff rates for several nations, with new levies set to impact global trade starting next week.

Southeast Asian Nations See Tariff Reductions

Malaysia will now face a 19% tariff on goods exported to the U.S., a decrease from the previous 25%. This shift follows a period of negotiation and potential trade impacts for the region.

Cambodia and Thailand have also secured reduced tariff rates, moving to 19% from a previously threatened 36%. This adjustment is linked to their agreement to an immediate and unconditional ceasefire concerning a border dispute.

Singapore’s goods are expected to maintain their 10% tariff rate on exports to the U.S. Meanwhile, the Philippines and Indonesia will continue with their previously negotiated 19% duties.

Other Nations Face Varied Tariff Structures

Vietnam’s exports to the U.S. will be subject to a 20% tariff, consistent with prior agreements. Syria, however, is set to face the highest tariff rate at 41%.

Myanmar and Laos, having not reached trade agreements with the U.S., will bear tariff rates of 40%.

Taiwan Eyes Temporary Tariff Status

Taiwan has stated that its newly announced 20% tariff rate for U.S.-bound goods is temporary. The nation is actively pursuing further reductions through ongoing negotiations.

“The US had earlier informed Taiwan’s negotiating team in Washington that a ‘temporary’ rate of 20 per cent would be applied.”

—Lai Ching-te, President of Taiwan

President **Lai Ching-te** confirmed this temporary status, emphasizing Taiwan’s commitment to achieving reasonable rates. The government plans to complete the final stages of these trade discussions.

China’s Tariffs Remain Undecided Amidst Truce Talks

Discussions regarding China’s tariff status are ongoing, with no final decision announced. U.S. and Chinese officials recently agreed to explore an extension of their 90-day tariff truce, which is due to expire soon, although President **Trump** has not yet officially confirmed the extension.

These tariff adjustments come as the U.S. continues to re-evaluate its trade relationships. For instance, in the first quarter of 2024, U.S. imports from the top 10 trading partners amounted to approximately $330 billion, highlighting the significant volume of goods affected by trade policy changes.