Image source, Reuters

Following the announcement of new tariff rates, President Donald Trump spoke to NBC News - here’s a recap of what he has said.

• The president said his tariff roll out is going "very well, very smooth"
• After Canada was hit with tariffs of 35% - up from 25% - Trump said he’s open to continued trade talks with his northern neighbour
• Trump also said it’s now "too late" for countries to strike any deals before these new tariff rates come into effect, but didn’t rule out "some kind of a deal" in four weeks after they take effect
• Asked whether he’s worried about possible spikes in prices for imported goods, Trump instead pointed to revenue from the tariffs, saying: "The only price that’s spiked is the hundreds of billions of dollars coming in"

Donald Trump stunned the world in April when he announced sweeping new import tariffs - only to put most on hold amid the resulting global financial panic.

Four months later, the US president is touting what he says are a series of victories, having unveiled a handful of deals with trading partners and unilaterally imposed tariffs on others - all without the kind of massive disruptions to the financial markets that his spring attempt triggered.

At least, for now...

• Read our inDepth piece from Anthony Zurcher and Dharshini David

Peter Hoskins
Business reporter, Singapore

Trump's latest tariffs have hit dozens of countries around the world, with US import taxes ranging from as low as 10% to a steep 41%.

Countries facing the highest rates are likely to be reeling from the news.

Those at the lower end might feel some relief, but it's important to remember they're still dealing with a new barrier to trade with the world's biggest economy.

These levies may be lower than Trump originally threatened, but they're still much higher than what these countries were subject to at the start of the year - and could have a significant impact on their economies.

Dearbail Jordan
Senior business and economics reporter

The FTSE 100 stock market index has had a pretty subdued opening this morning, dipping just a little to 9,132.

This isn't really a surprise. As our deputy economics editor Dharshini David said earlier, Trump's tariff list isn't as bad as many expected.

We'll update you shortly on what is happening on major stock markets in Europe - but don't expect fireworks.

Image source, EPA-EFE

David Willis
Reporting from Washington

Image source, EPA

On the eve of his tariff deadline, Donald Trump took to social media to say his controversial trade policy was already making America both GREAT and RICH again.

His original announcement of plans to upend the global trading system was accompanied by the promise of 90 deals in 90 days, yet nearly four months later bilateral accords appear to have been reached with only around a dozen countries and the EU.

Of those, the only deal to have actually been signed is with the UK, which will now face a 10% tariff on goods it exports to the US.

Among those that have yet to strike a deal with the Trump administration are America’s nearest neighbours and largest trading partners - Canada and Mexico.

Having insisted there would be no extensions to today’s deadline, Mexico’s president Claudia Sheinbaum nonetheless managed to secure one following an eleventh-hour phone conversation with Trump.

Canada is facing a tougher time, following its decision to recognise Palestinian statehood - a move which Trump said made reaching a trade deal "very hard".

Some Canadian imports will now be subject to tariffs of 35%.

It's morning in the UK. Our team in London is taking over from Singapore and will keep you updated with the latest.

Here's what you need to know so far:

• Just hours before the deadline for countries to negotiate with the US on their tariffs, Trump has announced a new wave of levies for over 90 countries
• The new tariffs will come into effect on 7 August, except for Canada, where they've already started at 04:00 GMT - although most goods are exempt due to the US-Mexico-Canada trade agreement
• Brazil faces the highest import fees of all - at 50% - in a move that's "entirely political", writes South America correspondent Ione Wells
• But China is "the elephant in the room", our Asia business correspondent Suranjana Tewari notes - the country is still negotiating and has a deadline of 12 August
• Trans-shipment - when goods are sent via one place to reach their final location - will now face a 40% tariff instead of the existing duty that country is subject to

Relief for many (including penguins) as tariffs are less aggressive than threatenedpublished at 07:20 British Summer Time 1 August

07:20 BST 1 August

Dharshini David
Deputy economics editor

Image source, Reuters

Disappointment for some, but relief for others (including penguins) as President Trump unveiled his revised tariff list.

But remember, the tariffs due on the vast majority of American imports had been settled ahead of this deadline, under trade agreements or tariff letters.

And, while still markedly higher than at the start of the year, these tariffs overall have been less aggressive than the president threatened in April and the uncertainty that has dogged business and the financial markets has vastly eased - hence the relatively muted reaction of the latter.

There remain unsettled issues - most significantly China. But ultimately, the blow to growth around the world, and the impact on prices in America, will be significantly less severe than economists feared in the spring - although there will be an effect, and the extent will only become apparent in the coming months as the new regime is rolled out.

President Trump has got the upper hand in negotiations, not just with tariffs but persuading richer nations to put more money into America. But it’s still uncertain to what extent these trade manoeuvres will deliver on his vision of bringing more jobs and production to the US.

Image source, Reuters

Trump has been a fan of tariffs for decades, arguing they encourage US consumers to buy more American-made goods.

Three months ago, on 2 April, he announced a 10% "baseline" tariff on almost all imports.

He said goods from about 60 other trade partners, which the White House described as the "worst offenders" (including the EU and China), would face higher rates, as payback for unfair trade policies.

90-day pause

These "reciprocal" tariffs were later postponed for 90 days to allow time to negotiate individual trade deals, and the deadline was then extended until today.

Some strike deals

Days before the 1 August deadline, the US and EU agreed that European goods would face 15% tariffs - including cars.

Under the deal - which needs to be approved by all 27 EU members - the trading bloc will charge US firms 0% duty on certain products.

US-Chinese trade negotiations are ongoing, after the pair increased tariffs on goods to more than 100% before temporarily climbing down.

A fresh wave of tariffs

The president announced new tariffs on more than 90 countries, as he continued his drive to remake how global trade operates.

Trump raised the tariff on Canada to 35%, but said Mexico would be charged at current rates for another 90 days, avoiding a threatened increase to 35%.

Image source, Getty Images

Canadian Prime Minister Mark Carney says his government is "disappointed" by Donald Trump's decision to raise tariffs on Canadian goods outside the US-Mexico-Canada trade agreement to 35%.

In a statement, Carney says his government will focus on "building Canada strong" in response to the new tariff - through investment and diversifying export markets.

"Canadians will be our own best customer," Carney says. "We can give ourselves more than any foreign government can ever take away by building with Canadian workers and by using Canadian resources to benefit all Canadians."

South Korea still has thorny defence costs to negotiatepublished at 06:45 British Summer Time 1 August

06:45 BST 1 August

Jean Mackenzie
Seoul correspondent

Image source, Getty Images

South Korea may have secured a reasonably favourable trade deal, but its negotiating pain is not over.

Just like Europe with Nato, it relies on US military support.

The two countries have a formal military alliance, meaning the US helps defend the South from North Korea.

To that end, there are 28,500 US soldiers stationed in the country.

President Trump has spoken about wanting South Korea to pay more to cover the cost of these troops, and it looked as if this might be included as part of its trade deal. But in the end these defence costs were left out.

Instead, South Korea’s newly elected president Lee Jae Myung will visit Washington in the coming weeks to meet Trump for the first time.

The pair are expected to hash out these details then.

Some say this could lead to a double shake-down for South Korea, which has already had to offer up $350bn of investment to secure its trade deal.

Tiffanie Turnbull
BBC News, Sydney

Some relief for our feathered friends on the Heard and McDonald islands - the tariffs on the uninhabited Australian territory will stay at 10%.

No humans have set foot on the tiny, remote Antarctic outposts in almost a decade, but somehow they found themselves on Trump’s trade hit list on Liberation Day in April.

It is hard to get a clear picture of the trade relationship between the Heard and McDonald Islands and the US - but Australia has previously said the decision to impose import taxes on them was “clearly a mistake”.

"Poor old penguins, I don't know what they did to Trump,” Trade Minister Don Farrell said in April.

"It just shows and exemplifies the fact that nowhere on Earth is safe from this," Australian Prime Minister Anthony Albanese added.

Image source, Getty Images

Suranjana Tewari
Asia Business Correspondent

Apple reported blockbuster quarterly earnings overnight but the iPhone maker is finding it difficult to shake off fears around tariffs.

The announcement of Trump's "liberation day" tariffs in April wiped $700bn off its market captialisation.

In recent years, Apple has been moving its supply chain for US products from China to India and Vietnam.

India is central to its strategy of diversifying manufacturing beyond China, and has become a key hub for the manufacturing of iPhones. Apple's India exports almost exclusively serve the US market now.

But earlier this week, Trump imposed a 25% tariff on goods imported from India - a move that sent jitters across the country. As a result, the company's smartphones could become more expensive for US customers.

In May, Trump told Apple CEO Tim Cook: "we put up with all the plants you built in China for years ... we are not interested in you building in India, India can take care of themselves."

Osmond Chia
Business reporter

Two South East Asian countries - Laos and Myanmar - have stood out for having among the highest tariff rates at 40% each.

An exporter of wood, coffee and garments, Laos has a notably wide trade surplus with the US - sending $803.3m (£608.3m) worth of goods to the US in 2024 but buying just $40.4m from America.

Myanmar, an exporter of leather goods and electronics, clocked a trade surplus of $579m with Washington in 2023, according to US trade data.

The Trump administration has put major disincentives in place to block countries, like China, from shipping through other countries - a process known as trans-shipment.

Washington appears be targeting Asian countries that have been suspected of transhipping with China, says trade policy expert Deborah Elms from the Hinrich Foundation.

"Though unclear, there does seem to be suspicion by some in the White House towards the relationship between some countries in the region for being too cosy with China and subject to trans-shipment," says Dr Elms.

Image source, Getty Images

As part of its trade deal with the US, Cambodia will buy 10 Boeing 737 Max 8 jets for its flag carrier Air Cambodia, with the option to buy another 10, its deputy premier Sun Chanthol told Reuters news agency.

Cambodia's leader Hun Manet on Friday welcomed a 19% tariff rate imposed by Washington - down from the earlier threatened 36%.

"This is the best news for the people and economy of Cambodia to continue to develop the country," the prime minister wrote on Facebook.

Phnom Penh runs a large trade surplus with Washington. In 2024, the US received 37.9% of Cambodia's total exports, valued at close to $10bn.

Pakistan's tariff rate of 19% is the lowest of any South Asian country - and significantly lower than that of its neighbouring archrival India, which faces a 25% tariff rate.

Pakistan Prime Minister Shehbaz Sharif had previously expressed his "profound thanks to President Trump" for slashing his country's rate from a previous 29%.

On Thursday night, the Pakistani Finance Ministry said in a statement that “this deal marks the beginning of a new era of economic collaboration especially in energy, mines and minerals, IT, cryptocurrency and other sectors".

The relatively low tariff rate is expected to give a particular boost to Pakistan's textile industry, which is responsible for close to 60% of the country's total exports, mostly to the US. Its main competitors in this sector - India, Bangladesh and Vietnam - have all been hit with higher tariffs.

Pakistan-US ties have warmed under the Trump administration. In June, Pakistan nominated Trump for the Nobel Peace Prize.

Ione Wells
South America correspondent

Brazil initially thought it had got off lightly with a relatively mild 10% US tariff. Now, Trump has raised tariffs on Latin America’s largest economy to 50%.

Unlike with other countries, this move isn’t about trade. It’s political. Earlier in July, Trump falsely claimed the US had a trade deficit with Brazil when it actually had a multimillion-dollar surplus.

Trump has framed the tariffs as retaliation for the trial of his ally, former Brazilian president Jair Bolsonaro, who faces charges over an alleged coup attempt after losing the last election. His supporters stormed government buildings, and the case includes allegations of a plot to "kill" current President Lula da Silva.

Bolsonaro denies the charges, which Trump has called a "witch hunt".

The White House also cited concerns over Brazil’s "actions harming US companies" and "free speech rights of US persons".

Read more here.

Earlier we reported that a 35% tariff rate imposed on Canada has now kicked in - but most goods from Canada will actually dodge the high rate imposed by the US, thanks to the existing trade treaty called the United States-Mexico-Canada Agreement (USMCA).

Nearly 90% of Canadian goods imported into the US are exempted under the free trade deal, including fresh produce, energy exports and many industrial goods, according to Canada's largest bank, external, the Royal Bank of Canada.

But some imports like dairy products, wood and leather may still face tariffs depending on how talks shape up.

The USMCA was negotiated by the first Trump administration and is due for a review next year.

Ting Chiang
BBC News Chinese, Taipei

Image source, Getty Images

Taiwan's President Lai Ching-te has said US is open to further negotiations, as the self-governing island has been hit with a 20% tariff rate - higher than the 15% imposed on its key competitors, Japan and South Korea.

Mr Lai called it a “phased achievement” after four rounds of in-person negotiations and multiple virtual meetings with US officials, as 32% tariffs were initially proposed.

But there has been little detail released about semiconductors, the island’s most important exports.

In comparison, the EU has secured a 15% tariff rate on semiconductors.

Trump had previously accused Taiwan of “stealing” America’s chip business, and the continued uncertainty will certainly spook chip manufacturers.

Taiwan’s stock market reacted sharply, initially plunging over 300 points before recovering to close with a loss of under 100 points—an outcome analysts described as more resilient than expected.

Taiwan is the sixth-largest contributor to the US trade deficit, which stood at nearly $78bn last year.

Trump had initially set a deadline of 1 August for countries to strike deals before the new rates would be levied against them. But an official, speaking on condition of anonymity, told the BBC that it was necessary to hold off until 7 August, to give US Customs and Border Protection officers "sufficient time to fully implement these tariffs".

"It should not be read as a de facto extension," they said.

The official also said that tariffs not listed in Thursday's order are not additive.

This means the 10% tariff on Brazil will not be imposed on top of the blanket 10% rate that has been slapped on all countries.

The 10% tariff imposed on Brazil is separate to the 40% tariff from yesterday, the official said, meaning, "Brazil stacks to 50% on most goods".

Brazil now faces one of the highest US tariff rates in the world, potentially sparking a major trade war.

Trump has framed these tariffs as retaliation over the prosecution of his ally, right-wing former Brazilian President Jair Bolsonaro. Yesterday, he also announced sanctions against the judge overseeing Bolsanoro's corruption trial.

Read more: Why Trump's tariffs on Brazil are more about political retaliation than trade

Osmond Chia
Business reporter

Image source, Getty Images

The list of revised tariffs published today makes clear that tariffs are here to stay and that US President Donald Trump is serious about resetting trade, policy expert Deborah Elms tells the BBC.

Critics had questioned the Trump administration’s resolve to follow through on its tariff threats, with some mockingly dubbing it “Taco” - short for Trump Always Chickens Out.

"There was some sort of confusion before, but I would argue if you didn't get the memo in the first six months of chaos, today you can put that to rest. [Trump] is on a mission to reorganise trade," says Dr Elms from Hinrich Foundation, a trade research firm.

Trump is showing that decisions are ultimately in his hands and that he will act in surprising ways to get what he wants, she says.

For instance, Switzerland, which thought it had negotiated a more favourable deal with the US, was slammed with a higher 39% tariff rate - a sign of Trump's "individualised policy making", says Dr Elms.