live Trump, Vance and Iranian parliament speaker sign U.S.-Iran memorandum
A senior U.S. official said on Monday that the memorandum of understanding linked to the U.S.-Iran agreement had been signed by President Donald Trump...
President Donald Trump has ordered sweeping new tariff increases on imports from more than 80 countries, citing continued trade imbalances and national security concerns, intensifying Washington’s ongoing trade policy reset on 31 July.
The order updates Executive Order 14257, originally signed on 2 April, and imposes new or adjusted duties on dozens of countries, including major partners such as the European Union, India, Japan and Brazil.
The tariffs are scheduled to take effect seven days after the signing of the order, with limited exceptions for goods already in transit. According to the order, these changes are necessary to counter what the administration describes as an “unusual and extraordinary threat” to U.S. national security stemming from persistent trade deficits and non-reciprocal market access.
The U.S. administration said that while some partners have shown willingness to align with the United States on economic and security matters, others have offered insufficient terms or failed to engage in negotiations. The revised duties are intended to pressure trading partners to conclude more balanced agreements.
Which countries are affected?
The new tariffs affect more than 80 countries and territories across every region, with rates ranging from 10% to more than 40%, depending on Washington’s assessment of their trade barriers, economic alignment and cooperation on security matters.
Among those facing the steepest tariffs are Laos and Myanmar (Burma), both subject to a 40% rate, while Syria tops the list at 41%. These nations have been singled out for what the U.S. sees as serious gaps in trade transparency or unwillingness to engage in reforms.
Other countries in the high tariff range include Algeria, Libya, Serbia, South Africa and Switzerland, which will see rates of 30% to 39%. India, Brunei, Kazakhstan, Moldova and Tunisia are assigned a 25% duty. Meanwhile, Indonesia, Malaysia, Thailand, Vietnam, Sri Lanka, Pakistan and Bangladesh are given rates between 19% and 20%.
Japan, Israel, Jordan, South Korea, the Philippines, Côte d'Ivoire, Ghana and many others will face 15% tariffs. This also applies broadly across several African and Latin American countries such as Angola, Mozambique, Nigeria, Botswana, Cameroon, Ecuador, Venezuela and Zimbabwe. These countries, while not seen as adversarial, are assessed by the U.S. administration as maintaining non-reciprocal trade practices that disadvantage American exports.
Brazil and the United Kingdom face a lower rate of 10%, reflecting ongoing diplomatic engagement and recent progress in bilateral trade discussions. The European Union has been placed under a two-tier system. If a product currently has a U.S. duty of less than 15%, the new tariff will raise the rate to 15%. Products already taxed at 15% or higher will not see additional duties. This model aims to enforce baseline reciprocity without placing further burden on goods already deemed sufficiently taxed.
Countries not listed in the executive order’s annex will continue to face a 10% ad valorem tariff under the original April measure unless modified by future directives.
The executive order introduces a 40% tariff on goods determined by U.S. Customs and Border Protection to have been transshipped through third countries to evade duties. Authorities will also publish biannual reports identifying facilities and countries involved in such schemes to inform government procurement and national security reviews.
The order allows for the possibility of lifting tariffs if countries make progress in concluding meaningful trade or security agreements with the United States. While some governments are reportedly close to reaching new deals, the current rates will remain in effect until those agreements are formally concluded and validated by a subsequent executive order.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
A senior U.S. official said on Monday that the memorandum of understanding linked to the U.S.-Iran agreement had been signed by President Donald Trump, Vice President JD Vance and Iranian Parliament Speaker Mohammad Bagher Qalibaf.
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