US Slaps Tariffs on More Nations

This takes US effective tariff rate to 18%; levies will come into effect from August 7

- DAVID LAWDER & CHAYUT SETBOONSARNG

Goods from all other countries not listed in the order to face a 10% US import tax

US President Donald Trump's latest wave of tariffs on exports from dozens of trading partners, including Canada, Brazil, India, and Taiwan, sent global stock markets down on Friday as countries pushed for talks to clinch better deals.

Trump's new tariff rates include a 35 per cent duty on many goods from Canada, 50 per cent for Brazil, 25 per cent for India, 20 per cent for Taiwan, and 39 per cent for Switzerland.

The presidential order listed higher import duty rates of 10 per cent to 41 per cent starting in seven days for 69 trading partners, effectively taking the US effective tariff rate to about 18 per cent, from 2.3 per cent last year, according to analysts at Capital Economics. Countries hit with hefty tariffs said they will seek to negotiate with the US.