Overview

• The executive order hikes duties ranging from 10% to 41% on imports from 69 countries, lifting the US effective tariff rate to about 18%, up from 2.3% last year
• Global stock indices plunged following the announcement and a weak July jobs report, while US Commerce Department data showed home furnishings prices rose 1.3% in June
• India and Switzerland have formally requested urgent negotiations to secure lower rates or carve-outs after facing 25% and 39% duties respectively
• Administration officials have yet to clarify exemptions for EU autos and aircraft or detail how transshipment restrictions will be enforced
• Council of Economic Advisers Chair Stephen Miran said that retaining tariff uncertainty is key leverage for sealing future bilateral trade agreements