Overview

• President Trump’s July 31 executive order finalizes ad valorem reciprocal tariffs of 10%–41% that apply to U.S. imports starting at 12:01 a.m. EST on August 7.
• Annex I countries face the highest duties—with Syria at 41% and Laos, Myanmar and Switzerland at 40%—while partners not listed in Annex I pay a 10% baseline, excluding Canada, Mexico, North Korea, Russia and Belarus.
• Imports from the European Union will incur a minimum total tariff of 15% when existing rates are below that threshold, without additional charges when duties already meet or exceed 15%.
• Shipments from Annex I nations in transit before the August 7 deadline are exempt if entered by October 5, and any goods CBP determines to have been transshipped to evade the tariffs will trigger a 40% duty.
• Section 232 duties on steel, aluminum, autos and copper remain untouched, while IEEPA-based fentanyl tariffs on non-USMCA Canadian goods rose to 35% and Mexican levies stayed at 25% under an October truce.