U.S. President Donald Trump signed an executive order Thursday that would have new tariffs on a wide swath of U.S. trading partners to go into effect in seven days — the next step in his trade agenda that will test the global economy and alliances.
The order was issued shortly after 7 p.m. It came after a flurry of tariff-related activity in recent days, as the White House announced agreements with various nations and blocs ahead of Trump’s self-imposed Aug. 1 deadline.
Also on Thursday, Trump announced that he would be extending trade negotiations with Mexico for 90 days. But the vast majority of nations are continuing to face uncertainty ahead of the coming deadline. And while a handful of trade deals have also trickled in, many details remain hazy — with businesses and manufacturers around the world bracing for heightened operating costs and potential price hikes regardless.
Meanwhile, Trump’s overhaul of American trade policy hasn’t gone unchallenged. Appellate court judges have expressed broad skepticism around Trump’s legal rationale for his most expansive round of tariffs.
Here’s the Latest:
Cambodia prime minister thanks Trump for dropping tariff rate
Cambodia Prime Minister Hun Manet expressed his thanks to Trump for the dropping of tariffs from 36 per cent to 19 per cent and he called the reduction “good news” for Cambodia.
Posted on his social media platform, Hun Manet said Trump had not only helped broker a ceasefire between Cambodia and Thailand forces after nearly a weeklong clash but also helped Cambodia’s economy by lowering tariffs.
“This is good news for the people and economy of Cambodia to continue developing the country,” Hun Manet said.
Thailand successfully negotiates lower tariff rates
Thailand’s government spokesperson Jirayu Houngsub said Thailand says the U.S. agreed to reduce the tariffs rate from 36 per cent to 19 per cent, the same rate as many other Southeast Asian countries such as Vietnam and the Philippines.
“It’s one of the major successes of Team Thailand in a win-win approach, to secure the country’s export base and economic security in a long run,” he said in a statement. He didn’t immediately say what was the latest offer Thailand made to the U.S.
The agreement came days after a ceasefire between Thailand and Cambodia to halt the nearly weeklong clashes that killed at least 41 people. It was brokered with U.S. pressure as Trump said he would not move forward with trade agreements if the conflict continued.
A few notable tariff rates that were outlined in Trump’s executive order
After initially threatening the African nation of Lesotho with a 50 per cent tariff, the country’s goods will now be taxed at 15 per cent.
Taiwan will be tariffed at 20 per cent, Pakistan at 19 per cent and Israel, Iceland, Fiji, Ghana, Guyana and Ecuador among the countries with imported goods taxed at 15 per cent.
Trump’s new tariffs at a glance
The tariffs will go into effect Aug. 7, not the Friday deadline that the president had set. The reason for this is the government needs time to harmonize the tariff rates, according to a senior official who spoke to reporters on condition of anonymity.
The order applies to 68 countries and the 27-member European Union. Countries not listed in the order signed Thursday by Trump would face a baseline 10 per cent tariff.
Trump signs order for new tariffs to go into effect in 7 days
The U.S. president has signed an executive order that would have new tariffs on a wide swath of U.S. trading partners to go into effect in seven days — the next step in his trade agenda that will test the global economy and alliances.
The order was issued shortly after 7 p.m. It came after a flurry of tariff-related activity in recent days, as the White House announced agreements with various nations and blocs ahead of Trump’s self-imposed Aug. 1 deadline.
Weakening dollar and coming tariffs hit Aperol maker
Campari Group CEO Simon Hunt says pending U.S. tariffs on European products isn’t the only challenge facing the global maker of premium spirits, wines and aperitifs like Aperol.
In addition to an expected 15 per cent tariff, the weakening dollar is pushing up the price of imports. “This means the knock-on effect on consumer pricing is more substantial than simply the tariffs,’’ Hunt told The Associated Press on Thursday.
Still, the Campari Group — which counts Aperol, Campari, Courvoisier cognac and Glen Grant whiskey in its vast portfolio — estimates the expected tariffs will cost it 20 million euros this year and 35 million euros next year.
Hunt says his team has worked out multiple mitigation scenarios, but that until the tariffs are finalized it is too early to discuss which to employ, including whether or not to hike prices. As for shifting production, Campari already has a significant facility in Kentucky, where it produces Wild Turkey bourbon. But Hunt underlined that a number of the group’s brands “are driven by provenance. So if I take cognac, for example, I can’t make cognac in Kentucky. There’s no version of that that works.”
Hunt said the industry on both sides of the Atlantic is still hoping for carve-outs excluding spirits, wine and alcohol from the tariffs. “It’s in everyone’s interest, but that’s up to the White House and the EU to agree to,’’ he said.
Appellate judges question Trump’s authority to impose tariffs without Congress
Members of the 11-judge panel of the U.S. Court of Appeals for the Federal Circuit in Washington appeared unconvinced by the Trump administration’s insistence that the president could impose tariffs without congressional approval, and it hammered its invocation of the International Emergency Economic Powers Act to do so.
“IEEPA doesn’t even mention the word ‘tariffs’ anywhere,” Circuit Judge Jimmie Reyna said, in a sign of the panel’s incredulity to a government attorney’s arguments.
Brett Schumate, the attorney representing the Trump administration, acknowledged that “no president has ever read IEEPA this way” but contended it was nonetheless lawful.
Mexico kicks US tariff can back another 90 days
On Thursday, Trump said that he would extend trade talks with Mexico by 90 days, as his 25 per cent tariff rates on many goods from the country remain in place. Mexico had previously faced the prospect of a 30 per cent tariff from Trump set to start Friday, something the country now gets to stave off for the next three months.
The announcement arrived after a call with Mexican President Claudia Sheinbaum — with Trump noting in a post on Truth Social that the conversation with Sheinbaum was “very successful in that, more and more, we are getting to know and understand each other.” He also said that autos would face 25 per cent tariffs — but copper, aluminum and steel would still be taxed at 50 per cent.
Sheinbaum later applauded the latest delay in Trump’s threatened tariffs. She said that it was a “good agreement” and that the two leaders had continued to “negotiate and work as equals.” Any good covered under the USMCA trade pact would also remain tariff free, she added.
Gabriela Siller, economic analysis director for Banco Base in Mexico, said the delay in new tariffs was “positive,” but means that sectors already dealing with import taxes will continue to suffer.
Moody’s Analytics Director Alfredo Coutiño added that Mexico doesn’t need postponements, but rather “resolution of the problem.” The decision “wins time, but it prolongs the agony and uncertainty,” he said.
Chile officials express relief over Trump’s decision to exclude refined copper from 50 per cent tariffs
Authorities in Chile, the world’s largest copper producer, breathed a collective sigh of relief Thursday at Trump’s decision to exclude refined copper from his coming 50 per cent tariffs on copper imports.
Chile has a trade agreement with the U.S. and last year accounted for 65 per cent of American imports of refined copper, according to the U.S, Geological Survey. Its copper exports totaled over $50.1 million, government data shows.
In a joint statement, three Chilean Cabinet members said it was “good news” that Trump’s tariff would not apply to copper cathodes, Chile’s main export. “This result reflects the hard work that Chile has done in this area,” said Foreign Minister Alberto van Klaveren, “both in our country and through our embassy in Washington.”
Switzerland and Norway are among countries uncertain about what Aug. 1 will bring
Earlier this week, Norwegian Finance Minister Jens Stoltenberg said it was “completely uncertain” whether a U.S.-Norway deal would happen by Friday’s deadline.
“We must be prepared for the tariffs into the U.S. to increase on Aug. 1,” Stoltenberg told public broadcaster NRK. “But we are working and in close dialogue with the Americans to see if it is still possible to prevent it.”
Trump’s “Liberation Day” tariffs announced in April initially set a relatively low — by comparison to some other countries — rate of 15 per cent on Norwegian goods. That’s the same rate that the European Union agreed to in a hard-wrought deal announced Sunday.
Meanwhile, Switzerland is facing a much higher rate — 31 per cent — which has suspended until Friday. It’s uncertain whether that rate will return afterward. Swiss President Karin Keller-Sutter recalled how she met with Trump at the White House just a week after the tariffs were announced, and made her case for Switzerland against them.
“Now it’s in the hands of the United States, in the hands of the American president – and it’s up to him to decide,” she told public broadcaster RTS this week.
Brazil says 35 per cent of exports to the U.S. affected
Brazil’s Vice-President Geraldo Alckmin said Thursday that 35 per cent of the country’s exports to the United States will be affected by Trump’s new 50 per cent tariffs on Brazilian goods.
Trump signed an executive order Wednesday to impose the tariffs, citing Brazil’s policies and the criminal prosecution of former President Jair Bolsonaro as an “economic emergency” under a 1977 law.
The order exempts certain items, including civil aircraft and parts, aluminum, tin, wood pulp, energy products and fertilizers. Alckmin said those items make up 45 per cent of Brazilian exports to the U.S., while another 20 per cent — such as steel — were already subject to higher tariffs.
Finance Minister Fernando Haddad said Trump’s order marks the start of talks, not the end of the process. He added that U.S. officials appeared receptive to Brazil’s concerns. “There is a lot of injustice in the measures announced yesterday,” Haddad told reporters, noting his office is scheduling a second meeting with Treasury Secretary Scott Bessent.
Ferrari awaits clarification on EU tariffs
Luxury sportscar maker Ferrari said Thursday that it was awaiting confirmation of tariffs on European imports to the U.S. before scaling back a price surcharge imposed in April.
Ferrari, which last year sold some 4,000 cars in the Americas, raised prices by 10 per cent on imports to the United States after April 2, except for the Ferrari 296, SF90 and Roma model families. CEO Benedetto Vigna said that until there is an executive order lowering tariffs on imported cars, Ferrari will maintain the higher prices.
“It’s very difficult to judge, because the order intake depends very much on the cars that we have available for order, and since we are close to the end of the life cycles of several of our models and others are sold out, we can’t really measure the overall sentiment,’’ CFO Antonio Picca Piccon added.
Cars shipments from Europe prepare for latest price increases
A light drizzle off the North Sea washed tens of thousands of cars ready to load on a giant cargo ship — all with a brand new increase in price thanks to American tariffs rolling out worldwide.
Belgium’s coastline is one of the chokepoints of the global trade in automobiles — brought by trains and trucks from the factories of Mercedes-Benz, Volkswagen, and BMW and others to ship to customers overseas in the United Kingdom, Asia, the Middle East, South America and North America.
The port of Zeebrugge exports about 1.8 million cars every year from Europe around the world. And at just one terminal run by Internation Car Operators, about 70,000 cars sat waiting on teams of drivers in white gloves to drive them into a massive container ship shaped like a shoe box. When Trump initially announced global tariffs on cars, manufacturers scrambled to get their vehicles to customers before the tariff deadline. But following an agreement between Trump and European Commission President Ursula von der Leyen, the uncertainty is giving way to business-as-usual — just with a heftier price tag for consumers.
The auto industry in Europe celebrated the deal, but cautioned that more negotiations are needed — noting that higher tariffs from the US on European cars will continue to negatively impact the industry.
Further clarification on EU-US trade deal remains in flux
The European Union is working on the assumption that the U.S. will impose a 15 per cent tariff on most EU exports on Friday, even though the two sides have yet to complete a key document clarifying how the agreement will operate.
Under a political agreement reached last weekend, Trump and European Commission President Ursula von der Leyen said the 15 per cent duties would be imposed on around two-thirds of EU goods. But as of Thursday the two sides were still working on a joint statement that would lay out the terms of their understanding, EU commission spokesman Olof Gill said.
Carve outs were agreed for a range of “strategic” goods like aircraft and aircraft parts, certain chemicals, some drug generics or natural resources. Gill said that “it is also our clear understanding that the U.S. will implement the exemptions to the 15 per cent ceiling.”
“The U.S. has made these commitments. Now it’s up to the US to implement them. The ball is in their court,” Gill said. He added that negotiations on additional exemptions to the new tariff regime continue.
French skincare: Tariffs will lead to rising prices
French skincare company Yon-Ka is warning of job freezes, scaled-back investment, and rising prices after the U.S. and EU struck a trade deal that will see 15 per cent tariffs imposed on most European goods entering the American market.
“The U.S. market is our first client”, said Alexis Wolkowinski, President of Yon-Ka, in an interview at the company’s headquarters outside Paris. “We are strong in the U.S., but because we are strong, it’s impacted us more than anything else. So yes, it’s very, very difficult for us to have to support this tax.”
Roughly 25 per cent of Yon-Ka’s global turnover comes from the United States, Wolkowinski said. With the added burden of a weaker dollar against the euro, the tariff adds further pressure on margins.
A modest price increase of 3–4 per cent is likely in the coming months — far from enough to offset the added costs. “We’ll have to bear a lot of these costs on our shoulders,” he added.
Trump lashes out at India
The president suggested on Truth Social that he plans to do as little trade as possible with India and Russia.
“I don’t care what India does with Russia,” Trump posted. “They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let’s keep it that way.”
Trump announced on Wednesday 25 per cent tariffs on goods from India and additional penalties for India’s reliance on Russia for oil and military equipment.
Tariffs spelled disaster for clothing factory
In the tiny African nation of Lesotho, clothing manufacturer Tzicc’s business has dried up in the face of tariffs imposed by Trump’s administration. A few months ago, work was steady. The factory’s 1,300 employees have made and exported sportswear to American stores, including JCPenney, Walmart and Costco.
A sewing machine is covered by a sheet inside the empty Tzicc clothing factory following the threat of U.S.-imposed tariffs in Maseru, Lesotho, Tuesday, July 22, 2025. (AP Photo/Bram Janssen)
But when Trump announced sweeping new tariffs in April, Lesotho found itself topping the list, with a rate of 50 per cent.
Since then, Trump backed off — temporarily. During a monthslong pause for trade talks, the U.S. has charged a baseline 10 per cent tariff and announced new rates for dozens of countries starting Friday. Lesotho’s rate will be set at Trump’s whim, with aides suggesting that tariffs charged on goods from smaller African countries could top 10 per cent.
Many nations have received letters laying out a new tariff. With the pause set to expire Friday, Lesotho officials say they’ve not received one and they find themselves among the countries where Trump says officials simply don’t have time for one-on-one negotiations.(backslash)
Canada’s Palestinian state plan
Trump said Canada’s announcement it will recognize a Palestinian state “will make it very hard” for the U.S. to reach a trade agreement with its northern neighbor.
The threat posted in the early hours Thursday on Trump’s social media network is the latest way he has sought to use his trade war to coerce countries on unrelated issues, and is a swing from the ambivalence he has expressed about other countries making such a move.
“Wow! Canada has just announced that it is backing statehood for Palestine,” Trump posted on Truth Social just past midnight. “That will make it very hard for us to make a Trade Deal with them. Oh’ Canada!!!
The Republican president said this week that he didn’t mind British Prime Minister Keir Starmer taking a position on the issue of formally recognizing Palestinian statehood. And last week, he said French President Emmanuel Macron’s similar move was “not going to change anything.”
Trump’s flurry of trade activity
The United States will impose a 25 per cent tariff on goods from India, plus an additional import tax because of India’s purchasing of Russian oil, Trump said Wednesday.
The new tariffs were part of a flurry of trade activity that included a series of executive actions regarding Brazil, copper and shipments of goods worth less than $800, as well as a reduced 15 per cent tax on imports from South Korea, including its autos.
It was all a prelude to Friday when Trump’s new tariff regime is scheduled to start, an event the White House has portrayed as a testament to Trump’s negotiating skills even as concerns persist about the taxes hurting growth and increasing inflationary pressures.
The South Korea agreement will impose a 15 per cent tariff, instead of the 25 per cent Trump had threatened. South Korea would also buy $100 billion in energy resources from the U.S. and provide $350 billion for “investments owned and controlled by the United States, and selected by myself, as president,” Trump said.
Trump and his tariffs face court challenge
Trump has been getting his way on trade, strong-arming the European Union, Japan and other partners to accept once unthinkably high taxes on their exports to the United States.
But his radical overhaul of American trade policy has not gone unchallenged. He’s facing at least seven lawsuits charging that he’s overstepped his authority. The plaintiffs want his biggest, boldest tariffs thrown out.
And they won Round One. Now it goes on to Round Two.
On Thursday, the 11 judges on the U.S. Court of Appeals for the Federal Circuit in Washington, which typically specializes in patent law, are scheduled to hear oral arguments from the Trump administration and from the states and businesses that want his sweeping import taxes struck down.
That court earlier allowed the federal government to continue collecting Trump’s tariffs as the case works its way through the judicial system.
The Associated Press
