Trump’s Tariff Tempest: Delays, Deals, and Global Fallout

President Donald Trump enacted a sweeping executive order on July 31, 2025, applying new tariffs to imports from 68 countries and the European Union, with enforcement delayed until August 7. This adjustment from the initial August 1 start date reflects continuing talks to address U.S. trade imbalances. A 10% baseline tariff applies to surplus nations, rising to 15% or more for deficit countries, impacting around 40 economies.

Standout rates include Canada’s 35% on various goods due to fentanyl issues; Brazil’s 50% with exemptions for aircraft and energy; India’s 25% amid agricultural and Russia-related disputes; Taiwan’s 20% on semiconductors; Switzerland’s 39% on watches and pharmaceuticals (drugs excluded); the EU and Japan’s 15%; and peaks of 41% for nations like Syria and Myanmar. China is sidelined until August 12 negotiations, while Mexico gets a 90-day reprieve on steel and auto duties.

Critics worldwide decry the protectionism, fearing trade wars. China highlights shared losses, Taiwan seeks deal-based relief, and Canada prioritizes job safeguards. Economically, this could push U.S. tariffs to 1930s highs, aiding local industry but risking inflation and stagnation. Markets plunged on August 1 amid supply chain worries, extending Trump’s April universal tariff vision and hinting at future escalations in digital and mineral trades.