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