U.S. President Donald Trump’s latest wave of tariffs is sending shockwaves through global markets and diplomatic circles, with the White House signaling that the newly imposed rates are here to stay—at least for the foreseeable future. The sweeping executive order, signed in late July and set to take effect on August 7, 2025, marks one of the most aggressive moves in the administration’s ongoing effort to reset America’s trade relationships and shrink persistent trade deficits with dozens of countries.
On Sunday, U.S. Trade Representative Jamieson Greer appeared on CBS News’s Face the Nation to clarify the administration’s stance. When pressed about the possibility of the new tariffs being lowered through negotiations, Greer was unequivocal: “I don’t, I don’t think they will be in the coming days,” he said, adding, “These tariff rates are pretty much set.” According to Greer, the tariffs stem from a combination of announced and unannounced deals, and in some cases, the rates are pegged to the level of trade deficit or surplus the U.S. holds with a particular country.
The executive order establishes a baseline 10 percent tariff on all imports, but the devil is in the details. Some nations have managed to negotiate separate trade agreements, locking in lower rates. For example, Indonesia and Thailand secured a 19 percent tariff, South Korea and Japan negotiated for 15 percent, and the United Kingdom clinched the baseline 10 percent. However, countries that failed to strike their own deals are now staring down much steeper costs, with rates reaching as high as 41 percent for goods from Syria and a daunting 39 percent for Swiss exports.
According to Reuters, the full list of new reciprocal tariff rates reads like a who’s who of global commerce. Afghanistan and several African nations face 15 percent, Bangladesh and Vietnam are at 20 percent, India is hit with 25 percent, and Laos and Myanmar (Burma) are subject to 40 percent. Switzerland, a country known for its precision manufacturing and luxury goods, has been slapped with a 39 percent duty—one of the highest imposed globally. Brazil faces a 10 percent tariff, but with additional penalties stacked on top, some Brazilian products will see their rates soar to 50 percent.
The timing of the Swiss tariff is particularly striking. As reported by Bloomberg, Trump’s announcement coincided with Swiss National Day, meaning the true impact on Swiss markets would not be felt until trading resumed on Monday, August 4. Swiss investors are bracing for potential turbulence, with the Six Swiss Exchange AG in Zurich preparing for a volatile session as the new duties take effect. Canada, too, finds itself in the crosshairs, with a 35 percent duty imposed on many of its goods—a sharp escalation from previous trade rounds.
Why the sudden and dramatic escalation? The administration’s rationale, as articulated by both Trump and Greer, centers on the use of emergency powers to address what the White House sees as long-standing imbalances in America’s trade accounts. Trump has repeatedly cited the need to protect U.S. industries and reduce deficits, arguing that the tariffs will force trading partners to the negotiating table. “There are trade ministers who want to talk more and see how they can work in a different way with the United States, but I think that we have, we’re seeing truly the contours of the president’s tariff plan right now with these rates,” Greer told Face the Nation.
Notably, this is not the first time the administration has used tariffs as leverage. Earlier rounds of negotiations saw some success in lowering duties, such as the halving of import rates in a deal with the European Union. However, Greer made it clear that this latest round is different: “A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country,” he explained. “These tariff rates are pretty much set.”
For countries like Brazil, the pain is compounded by additional tariffs on top of the baseline rates, making some Brazilian exports among the most heavily taxed. And while the European Union managed to negotiate a range of 0 to 15 percent, other nations were not so fortunate. The full spectrum of rates, as published by Reuters, includes 30 percent for Algeria and Bosnia and Herzegovina, 25 percent for India and Kazakhstan, 35 percent for Iraq and Serbia, and 39 percent for Switzerland. The executive order is broad, affecting imports from nearly every corner of the globe.
Yet, despite the tough talk and hard lines, the administration is not entirely closing the door on diplomacy. Greer highlighted ongoing trade talks with Beijing, focusing specifically on the supply of rare earth magnets and minerals—critical components for everything from smartphones to electric vehicles. “We’re focused on making sure that the flow of magnets from China to the United States and the—and the adjacent supply chain can flow as freely as it did before ... and I’d say we’re about halfway there,” Greer said, describing the discussions as “very positive.”
The global reaction has been swift and, in many cases, anxious. Export-heavy economies like Switzerland and Canada are bracing for significant disruptions. Swiss stock investors, for instance, are preparing for what could be a rocky reopening after the holiday weekend, as the market absorbs the news of a 39 percent tariff on Swiss goods. “Trump’s fresh tariff salvo left baseline rates unchanged for many of the US’s trading partners, [but] some like Canada and Switzerland got hit with significantly higher duties,” Bloomberg reported.
For American consumers and businesses, the full impact remains to be seen. Higher tariffs often mean higher prices for imported goods, which can ripple through supply chains and affect everything from retail shelves to manufacturing costs. U.S. companies that rely on components from heavily tariffed countries may find themselves squeezed, potentially passing costs onto consumers or seeking alternative suppliers—a process that could take months or even years.
Meanwhile, the administration maintains that the tariffs are a necessary corrective, intended to level the playing field and encourage fairer trade practices. Whether this approach will yield the desired results—or provoke retaliatory measures from America’s trading partners—remains an open question. For now, though, the message from Washington is clear: the new tariffs are not a bluff, and they are not going away anytime soon.
As the world watches and markets react, the contours of this new era in American trade policy are coming into sharper focus. With tariffs set to take effect on August 7, and little indication of near-term relief, businesses and governments alike are scrambling to adapt to a landscape that has shifted almost overnight.
For many, the coming weeks will be a test of resilience, strategy, and adaptability in a global economy that’s suddenly been jolted off its familiar axis.
