Trump Unleashes 10% to 41% Tariffs on Over 60 Countries as Global Markets Shudder
Global supply chains hit as Trump’s sweeping tariff order targets allies and rivals alike, with Canada, Brazil, India, and Taiwan facing steep hikes
The tariffs are back, and this time, they cut deeper. Donald Trump, signing a sweeping executive order late July 31, is imposing a storm of new import duties. At least 68 countries, possibly as many as 92, will face tariffs between 10 % and 41 %. It’s retaliation, yes. But more than that, it’s a high-stakes recalibration of how the U.S. plans to trade and punish.
Come August 7, the clock runs out. The new regime goes live.
A Global Tax Bill Is Coming Due
This isn’t just another bluster-filled press cycle. Real numbers are at play. Canada gets hit hardest among U.S. allies: 35 % tariffs, up from 25 %. Not a typo. Brazil, already a target under Trump’s 2018 duties, now faces 50 % in some sectors. India takes a 25 % punch. Taiwan is at 20 %. And Switzerland, of all places, got slapped with a 39 % levy. It’s a brutal checklist, and most of it sticks.
Small economies, often collateral in U.S. trade wars, didn’t fare any better. Laos, Myanmar, and Syria all ended up north of 40 %. And if you’re asking whether anyone got off easy, the answer is barely. Countries like Cambodia and Thailand negotiated themselves down to 19 %. Call it a win if you’re squinting.
Markets Felt It Immediately
August 1 wasn’t pretty. U.S. equity futures were down 0.9 %, Germany’s DAX dropped 1.7 %, and South Korea’s KOSPI tanked almost 4 %. Over in India, the Sensex bled out nearly 150 points and Nifty 50 slid below 24,750. Australia’s ASX 200 took a hit too, especially in healthcare and tech. Across Europe, STOXX 600 returns fell sharply. No one walked away from this untouched.
Business Owners Aren’t Waiting Around
Take R R Kabel, a leading Indian wiring exporter. They’re not whining. They’re rerouting. The U.S. now takes a backseat; they’re pushing harder into Europe and the Middle East. And no, they’re not absorbing the costs. They’re passing them on.
Taiwan is scrambling too. The government says the 20 % rate is “temporary.” They’re gunning for a better deal. Key sectors like semiconductors still hang in limbo.
Meanwhile, Lesotho, of all places, managed to argue its way down from a 50 % hit to 15 %. No PR teams. No Wall Street lobbyists. Just desperation and some smart footwork.
This Isn’t a Drill. It’s a Doctrine.
Trump isn’t just reacting. This is part of a wider “Liberation Day” trade agenda he’s been hammering since April. That doctrine kicked off with a flat 10 % global tariff floor. This new wave? It builds on that, targeting countries with trade surpluses and strategic gaps.
Legal experts aren’t thrilled. The earlier tariffs are still under court challenge, with arguments that the International Emergency Economic Powers Act doesn’t stretch this far. For now, collection continues. But the appeals process could gut the policy mid-stream.
Allies Are Livid. Rivals Are Plotting.
Canada was quick to denounce the 35 % tariff as “tact-less turbulence.” The phrase stings because it’s accurate. Ottawa’s also reading this as retribution for what Washington sees as Canada’s soft stance on fentanyl exports.
Australia, meanwhile, got a pat on the back. Its tariff rate holds at 10 %, thanks to a surplus and strong U.S. ties. Its trade minister, looking relieved, confirmed they’ll keep pushing for a total exemption.
On the flip side, countries like South Korea, Malaysia, and Thailand earned reduced rates in exchange for U.S. investments and commodity purchases. The message was blunt: show value, or pay full freight.
What’s Next? Brace for It.
This is no longer about “America First” slogans or tariff tweetstorms. It is structural. It is sticky. And it will outlast campaign cycles if left unchecked. U.S. average tariffs are on track to spike from ~2.5 % to over 15 %. That’s a shift that reshapes everything from global sourcing to consumer prices to boardroom forecasts.
Sure, markets bounced a bit late in the week. Analysts chalked it up to strong U.S. consumer spending and tech resilience. But don’t let that fool you. Underneath, volatility is the new normal. CEOs are mapping alternate supply chains. Importers are recalculating pricing models. Investors? They’re bracing for ripple effects no model predicted.
What’s certain is this: if you’re in global trade and still hoping this blows over, you’re already behind.
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Ethan is a Lisbon-based leadership strategist who helps remote-first startups scale through systems, team clarity, and async culture.
