The US has set tariff rates for over 60 trading partners following President Trump’s executive order last week. According to US Trade Representative Jamieson Greer, the rates are “pretty much set” and will apply to imports from dozens of countries starting August 7.
Greer stated that while some countries have reached trade deals with the administration, others have not. The White House announced the tariffs hours before a self-imposed deadline for baseline tariffs on Friday. All imports will face a 10% tariff rate, except for those subject to the US-Mexico-Canada Agreement (USMCA).
The administration touted deals with South Korea, the European Union, and Britain ahead of the August 1 deadline but did not reach agreements with Canada, which was hit with a 35% tariff on goods not subject to the USMCA.
US Trade Representative Greer believes that President Trump’s goal is to “fix the terms of trade” in countries like Canada. While some economists predict slower growth due to the tariffs, no one knows the full economic impact.
Bank of America CEO Brian Moynihan stated that his economists are predicting “less growth than they would have had six, nine months ago” due to the tariff war and trade tensions.
Source: https://www.cbsnews.com/news/tariff-rates-jamieson-greer-face-the-nation