Overview

• US Customs began collecting reciprocal tariffs of 10%–50% from August 7, pushing average U.S. import duties to their highest level since the 1930s.
• President Trump signed an order to double tariffs on Indian imports to 50% over New Delhi’s Russian oil purchases, with the full levy taking effect on August 27.
• Eight major trade partners, including the European Union, Japan and South Korea, secured framework deals capping their tariffs at 15%, with other countries continuing negotiations for reduced rates.
• Imports already en route to the U.S. before August 7 and arriving by October 5 are exempt from the new duties, providing a temporary reprieve for global supply chains.
• Economists and industry groups warn the sweeping levies will stoke inflation, slow economic growth and could generate around $300 billion in annual tariff revenues.