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Trump Defers Most New Tariffs to Aug. 7, Preserves EU 15% Cap

Canada’s 35% duties take effect immediately, fueling market volatility.

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Overview

  • An executive order pushes reciprocal tariffs of 10–41% on roughly 70 countries to August 7, with Canada’s increase to 35% applied at once
  • The Scotland-negotiated agreement holds U.S. duties on EU imports at 15%, while maritime shipments remain on current rates until October 5
  • A 40% penalty tariff targets any goods that U.S. Customs and Border Protection deems transshipped through third countries to dodge higher duties
  • Automobiles and auto parts are excluded from the 15% cap and remain under existing Section 232 tariffs of 27.5% pending further carve-out talks
  • Global markets reacted negatively, with major indices opening lower and negotiators continuing discussions on carve-outs for key sectors