Trump unveils new tariffs on 92 countries, with Canada hit by 35% levy

US President Donald Trump has signed an executive order imposing new tariffs on 92 countries, with Canada being hit with a 35% levy.

The order, which will take effect on August 7, follows days of intense tariff negotiations, as the White House struck last-minute deals with several countries ahead of the president’s Friday deadline.

Trump set the Friday deadline after his earlier “Liberation Day” tariffs in April triggered a stock market slump and stoked fears of a recession. In response, he introduced a 90-day window for negotiations.

But when efforts to secure enough trade deals fell short, he extended the timeline and sent letters to world leaders outlining the proposed tariff rates, a move that sparked a flurry of rushed agreements.

Despite the delays, the new tariffs are expected to strain long-standing global alliances and once again test the world economy.

After initially threatening Lesotho with a 50% tariff, the US has lowered the rate to 15%.

Donald Trump unveiled sweeping tariffs on April 2, as part of his so-called ‘Liberation Day’. / Credit: AP

Tariffs have been set at 20% for Taiwan and 19% for Pakistan, while goods from Israel, Iceland, Norway, Fiji, Ghana, Guyana, and Ecuador, among others, will face a 15% levy.

Trump’s decision to hit Canada with a 35% tariff on certain goods prompted Prime Minister Mark Carney to say on Friday that he is “disappointed” by the US decision to target products not covered by the existing free trade deal, the US-Mexico-Canada Agreement (USMCA).

The USMCA, negotiated during Trump’s first term and implemented in 2020, allows many North American-made products to be traded without tariffs.

Uncertainty has marked Trump’s months-long tariff rollout, adding a sense of drama to each announcement.

But one thing has remained consistent: his push to impose import taxes that many economists warn will, at least in part, fall on US consumers and businesses.

“We have made a few deals today that are excellent deals for the country,” Trump told reporters on Thursday afternoon, without detailing the terms of those agreements or the nations involved.