FX.co ★ Trump Signs Executive Order to Enforce New Tariff Rates

In a decisive move, President Trump signed an executive order on Thursday that sets new tariff rates on multiple trading partners, effective August 1. This formalizes a series of tariff proposals announced over the previous month through various channels, including letters and social media, targeting countries like India and Brazil. Negotiated rates were also confirmed for other regions, such as the European Union, the United Kingdom, Japan, and South Korea. According to a statement from the White House, these tariffs are part of a strategy emphasizing reciprocal trade agreements and are now legally enforceable following the order's signing. Significant changes include an increase in duties on Canadian goods from 25% to 35%, and a rise in tariffs on Brazilian imports to 50%. The administration had twice deferred the broader implementation of these measures to allow further negotiation time. This executive action is occurring as legal challenges persist, with a federal appeals court currently evaluating the scope of presidential power in imposing such extensive trade sanctions.