Overview

• U.S. Customs and Border Protection began collecting 10–50% surcharges on imports from more than 60 countries as the new reciprocal tariff regime went into effect on August 7.
• India now faces a cumulative 50% tariff after the White House added a 25% levy to the existing 25% baseline rate in response to its purchase of Russian oil deemed a national security threat.
• Preliminary framework agreements set base rates at 15% for the European Union, Japan and South Korea, 10% for the United Kingdom and 19–20% for Vietnam, Indonesia, Pakistan and the Philippines.
• China and Mexico have been granted temporary exemptions from higher surcharges while they negotiate definitive trade pacts with the U.S.
• President Trump signaled plans to impose 100% tariffs on semiconductors and sharply raise pharmaceutical duties to incentivize on-shoring of critical industries.