Overview

• The new reciprocal tariff regime applied 50% duties on Indian and Brazilian exports, 39% on Swiss goods and a base 10% rate for Argentina when it took effect on August 7.
• Major U.S. retailers including Walmart, Amazon, Target and Gap have suspended textile orders from India until clarity emerges on the increased rates.
• Swiss President Karin Keller-Sutter and Economy Minister Guy Parmelin flew to Washington seeking reductions in their 39% tariff but returned without a deal.
• In retaliation for the 50% duties, India has halted planned U.S. arms acquisitions and is deepening strategic ties with Russia and China.
• Commerce Secretary Howard Lutnick warned that the tariffs could bring in as much as $50 billion a month for federal coffers.