US President Donald Trump’s global tariff plan is about to take effect, with a revised set of customised tariffs—ranging from 10% to 40%—slated to roll out on August 7 under a recent executive order.
US President Donald Trump’s global tariff policy is coming into sharper focus as his administration moves to implement revised trade measures. The updated tariffs—ranging from 10% to 40%—is set to take effect on August 7, according to an executive order issued last week.
“These tariff rates are pretty much set,” said US Trade Representative Jamieson Greer during an appearance on CBS News. “I expect I do have my phone blowing up… we’re seeing truly the contours of the President’s tariff plan right now with these rates.”
‘Liberation Day’ tariff blueprint
Trump first unveiled a baseline 10% tariff on nearly all US imports on April 2, dubbed “Liberation Day,” followed by a series of higher, country-specific rates. The initial announcement triggered a stock market downturn, prompting the administration to delay implementation twice to allow time for negotiations.
Deals struck with trading partners
In the weeks following “Liberation Day,” Trump’s trade team engaged in fast-track talks with numerous countries. Agreements were reportedly reached with the European Union, United Kingdom, Vietnam, Japan, South Korea, the Philippines, Indonesia, Cambodia, Thailand, and others.
“Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country,” Greer explained.
“There are trade ministers who want to talk more and see how they can work in a different way with the United States,” said Greer. “But I think that we have, we’re seeing truly the contours of the President’s tariff plan right now with these rates.”
China truce and Russia deadline loom
As part of Trump’s broader trade strategy, a tariff truce with China is currently in place but is set to expire on August 12. Simultaneously, the administration has given Russia until August 8 to reach a peace agreement with Ukraine. Failure to do so may lead to secondary tariffs or sanctions on countries purchasing Russian oil.
Ongoing legal battles
The tariff moves are also facing legal scrutiny. Last Thursday, the US Court of Appeals for the Federal Circuit heard arguments related to the administration’s authority to impose such tariffs. Trump invoked emergency powers to justify the measures, but legal experts have raised questions about the extent of his authority.