Image source, Reuters

A key provision in Trump's executive order relates to transshipping - which is sending products to third countries before their destination, to avoid tariffs.

Goods found by Customs and Border Protection (CBP) to be transshipped will face a 40% duty, the White House says. That would be in place of the existing duty that country is subject to.

CBP has previously investigated and penalised companies for transhipping goods from China to dodge higher levies.

New tariff rates hit Asia hardpublished at 01:17 British Summer Time 1 August

01:17 BST 1 August

Peter Hoskins
Business reporter, Singapore

Trump's new tariffs are hitting Asian countries hard.

Governments that failed to reach a deal with Washington ahead of the 1 August deadline are facing steep US import taxes.

Two major trading partners in the region – India and Taiwan – were hit with levies of 25% and 20% respectively.

And land-locked South East Asian nation Laos is facing the second-highest rate in this round of tariffs. At 40% it sits just behind Syria's unenviable 41%.

Meanwhile, countries that have struck framework deals with the US - Japan, South Korea, Vietnam, Indonesia and the Philippines - have rates ranging from 15% to 20%.

Trump's latest executive orders also shifts the timeline for when the new tariff rates will kick in.

He had set a deadline of 1 August to strike deals before the levies would take effect.

For the more than 70 countries he's slapped with new reciprocal tariff rates, those will come into effect in seven days.

Goods that are loaded onto ships by 7 August and those that are already in transit will also not be affected by the rates if they reach the US before 5 October.

The 35% rate on Canada, however, will come into effect in just a few hours, on 1 August.

Besides Canada, the White House has just released new tariff rates for dozens of countries which will come into effect tonight.

We are now combing through the list, and will bring you the key lines.

Stick with us.

US President Donald Trump has raised Canada's tariff rate from 25% to 35% in a new executive order, the White House says.

The new levy will come into effect in just hours.

Is the TACO label fair?published at 23:55 British Summer Time 31 July

23:55 BST 31 July

Natalie Sherman
New York business reporter

In May, Trump got unusually testy when asked about the emerging Wall Street consensus that “Trump Always Chickens Out” on tariffs.

“I’ve never heard that. You mean because I reduced China from 145% that I set down to 100 and then down to another number?” he shot back. “It’s called negotiation.”

Today Trump looks less like a chicken and more like someone comfortable with testing his limits.

It is true that he has backed off some plans that most surprised Wall Street – lowering tariffs hitting goods from Nike-supplier Vietnam, for example, and granting significant exceptions to the taxes on goods from Canada and Mexico.

But all told, he is still set to raise tariffs to levels once considered unthinkable – while facing little constraint in financial markets.

As companies report mounting costs and growth slows, however, the economy’s performance in the months ahead may yet limit his plans.

Image source, Earthquaker Devices

Julie Robbins, chief executive of Earthquaker Devices, an Ohio-based manufacturer of guitar pedals, says her profits have eroded and costs climbed as the tariffs kick in this year.

But she is even more worried about the months ahead, when the supplies that came in before tariffs hit run out.

The business plans to raise prices, but Robbins is worried hikes will end up costing it customers.

Sales outside the US – about 40% of the business – have already dropped, which Robbins attributes to backlash against Americans, at least partly over tariffs.

"I view the tariffs and the current trade war policy as the largest threat to our business," she said. "There are so many ways this could go sideways."

We’re hearing from Apple and Amazon about how their businesses fared over the April to June period, as trade announcements unleashed turmoil.

And the upshot? They seem to be doing ok.

Tariffs have had an impact, though; Apple is warning that it expects tariffs to cost the business $1.1bn in the coming quarter.

And, in an earnings call, CEO Tim Cook reported that tariffs cost his company $800m in the quarter that has just ended.

But it said sales and profits in the quarter jumped 9% compared with the same period last year. The firm said it saw a slight boost from panic-buying in April, before the White House exempted smartphones and certain other electronics from the duties.

Amazon sales meanwhile increased 13% year-on-year, though shares dropped in after-hours trade as investors were disappointed by its cloud computing business.

The figures are signs that American households are still spending and that the biggest companies have the cushion and heft to take the duties mostly in stride.

Imogen Foulkes
Reporting from Geneva

Image source, Getty Images

Swiss President Karin Keller-Sutter says there is no deal with the US on tariffs.

In a post on social media Keller-Sutter says she managed to have a last minute phone call with Donald Trump today, but that no agreement could be reached.

The sticking point for the president, she says, was the US trade deficit with Switzerland.

Trump announced 31% tariffs on Switzerland on ‘liberation day’ last April.

The Swiss were hopeful they could negotiate - in May, Keller-Sutter told US Trade Secretary Scott Bessent that Switzerland’s investment in the US generates tens of thousands of jobs, and hinted at more.

Switzerland also produces things the US needs, but does not make itself, such as specific machine tools, and significant pharmaceuticals.

But in the race by so many countries to get a deal with the US, it may be that the Swiss got elbowed out of the way.

Or, hard-headed Swiss business minds simply decided the demands from Washington were unacceptable.

But this evening the mood in Switzerland is despondent.

The 1 August deadline for tariff deals is also Swiss national day, Switzerland’s equivalent of the Fourth of July.

Until the last minute the Swiss had hoped to find an understanding ear in Washington. Now, they feel they are being unfairly punished for producing high quality products that the world’s biggest economy loves to buy.

Image source, Reuters

Canada could be facing a 35% tariff rate come midnight as a trade deal between the two neighbours has yet to be agreed.

Speaking on Fox News, US Commerce Secretary Howard Lutnick said the rate is still "surely in the cards," on Canadian exports to the US not covered by the Canada-United States-Mexico trade agreement of 2020.

"If he makes that call, and if he starts turning on the charm, and if he takes off his retaliation ... and stops the silliness, maybe the president will let it down a bit," Lutnick said referring to Prime Minister Carney.

"But right now, 35%, that letter he sent, is surely in the cards."

Earlier this month, Trump sent a letter to Carney telling him a 35% rate will be applied if a deal wasn't reached by 1 August.

Trump's event at the White House has now wrapped up, and we can bring you a market update.

It's a great day for the American dollar, as the past 24 hours have seen the US Dollar Index (DXY) rise by .12%.

Markets, however, didn't move much today. The Nasdaq, Dow and S&P 500 are all down by under 1%.

Trump also made some further remarks on tariffs, claiming the US is taking in "literally trillions of dollars" through the levies, "making the country very rich and respected again".

The US Department of Treasury estimates the US will collect $200–300bn from tariffs in the 2025 financial year.

Trump is then asked about why he didn't unilaterally impose tariffs in his first term.

He replies "we did do certain tariffs in the first term", naming China as one recipient.

But, he says, when the Covid pandemic began, he didn't want to impose the distraction of tariffs on other countries.

President Trump has been fielding questions on tariffs after his executive order signing.

He says "we haven't spoken to Canada today", as the clock ticks down towards the midnight deadline.

Canada and the US are yet to strike a preliminary trade deal on tariffs.

"He called but we’ll see," Trump says, an apparent reference to Prime Minister Mark Carney.

He says Canada "have to pay a fair rate, it's very simple."

Trump also adds “a few deals” have been made, without specifying with which countries.

Image source, Reuters

President Trump is now speaking from the White House.

As expected, he's announcing that the presidential fitness test will be restored.

He's flanked by Vice-President JD Vance, as well as sports stars including pro golfer Bryson DeChambeau and WWE executive Triple H.

Stay with us and we bring you any tariff-related lines. As a reminder, you can click Watch live at the top of this page to follow along.

We are expecting to hear from President Donald Trump soon at the White House.

He is signing an executive order that would reinstate a fitness test for school children after it was abandoned in 2012.

We expect the president to take reporters' questions and they will likely centre on tariffs, with the deadline just hours away.

Key amongst them will be what happens to countries who have not reached a trade deal with the US, like Canada and India.

We'll bring you the latest lines here, or you can follow along by clicking Watch live at the top of this page.

Image source, Getty Images

Ontario Premier Doug Ford said he urged Prime Minister Mark Carney not to back down from Trump during tariff negotiations.

“Prime Minister Carney is trying his best, but this guy will say something one day, and he’ll wake up, and the cheese slips off the cracker, and then all of a sudden he goes the other way,” he told reporters

“And you’re thinking, ‘How do you deal with a guy like this?’”

He said he's hoping the country gets a deal with zero tariffs but that Carney should take a stand against Trump. Trump also posted on social media Thursday morning that Canada's plans to recognise a Palestinian state will "make it very hard" to reach a deal.

“I told the prime minister, do not roll over. Hit that guy back as hard as we possibly can. That’s what we need to do — and we can do it,” Ford said.

Natalie Sherman
New York business reporter

Image source, Waza

As we report on the latest in Trump's tariffs saga, we have also been talking to average Americans and small businesses on how they are reacting to the new developments.

Anri Seki is executive vice-president of Waza, a Los Angeles shop that employs about 30 people in the US selling Japan-made products like kitchen knives and incense.

After months of uncertainty, she is hoping the business will be able to move forward. To cover the new costs, her business has already started raising prices by 10% to 20%.

So far sales are holding up.

But despite efforts in Japan and the US to sell a deal on a 15% tariff as positive, she says the outcome is disappointing and is pushing the firm to consider looking outside the US to expand.

"It just feels unfair," she said. "It's really hard for everyone to see what is the good ending point."

Ione Wells
South America correspondent

Image source, Getty Images

Brazil is the world’s top exporter of coffee, which now faces a 50% US tariff.

The US gets about a third of its coffee from Brazil, through major brands like Starbucks, Keurig, and Nescafé.

So what does this mean for Brazilian businesses, and Americans’ morning cups of Joe?

Either prices for Americans will rise as companies pass on the cost, or Brazilian producers will absorb the hit themselves. Likely, it’ll be a mix of both.

Brazil may seek new buyers globally, but exporters say that won’t offset the short-term impact.

Cecafe, Brazil’s coffee exporters council, says both countries will feel the effects, since Brazil is the world’s largest coffee producer and the US its biggest buyer.

The council tells me the impact on Brazilian roasters and exporters will be “significant” and price hikes are expected for Americans too.

The tariff is set to come into effect on 6 August, and exporters say they hope a coffee exclusion will be announced before then. Reuters reported that world coffee prices rose on Thursday, but "gains were muted overall" as traders held out hope for the exclusion as well.

Natalie Sherman
New York business reporter

Image source, Jared Hendricks

Jared Hendricks, the owner of Utah-based Village Lighting Company, says tariffs have been a “nightmare” for his small firm selling Christmas lights and decor mostly made in southeast Asia.

He had hoped to get his orders in before 1 August, but is still waiting for many shipments after struggling to compete with bigger players also pressing suppliers and shipping firms to deliver before the deadline.

When I spoke to him earlier this month, he was reeling from news of Trump’s trade deal with Indonesia, which meant 10 containers of holiday storage items he is waiting on would be hit with a 19% tax, instead of the 10% that had been charged since April.

For a seasonal business, the financial challenges are particularly acute. He said he had taken out a $1.5m loan to try to handle the unexpected costs.

But the tariffs are costing big businesses too. Ford, for example, expects $2bn in tariff expense this year, despite making most of its cars in the US.

Image source, EPA

The White House has touted the tariff deals as a win saying it will bring in billions of dollars to the US economy.

But as the tariff clock continues to tick down, Congressional Democrats are warning it will hurt families.

"Toothpaste. Toilet paper. Dish soap. All going up in price," Congressman Ruben Gallego said in a post on X. He added that Trump's "chaos always comes with a cost and working families pay it".

Senate Democratic leader Chuck Schumer has long been a vocal opponent of tariffs, and he lambasted Senate Republicans for not supporting a bill to block them.

"Senate Republicans chose to worship at Donald Trump’s altar yet again, even though they know these tariffs are terrible for people back home," he said in a post.

Democratic senator Tammy Baldwin said the tariff announcement has left farmers, manufacturers, and workers "in limbo".

"As we stare down another one of his self-imposed tariff deadlines, one thing’s for certain: this chaos is hurting American small businesses," she wrote.