Trump has imposed steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India, and Taiwan, ahead of a Friday trade deal deadline. The order, which includes a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan, and 39% for Switzerland, listed higher import duty rates of 10% to 41% starting in seven days for 69 trading partners as the 12:01 a.m. EDT (0401 GMT) deadline approached. Some of them had reached tariff-reducing deals while others had no opportunity to negotiate. Trump included an exception for some goods shipped within the coming week. Goods from all other countries not listed would face a 10% U.S. import tax. The administration also teased that more trade deals were in the pipeline as it seeks to close trade deficits and boost domestic factories.
U.S. federal appeals court judges questioned Trump’s use of the emergency powers to justify his tariffs of up to 50% on nearly all trading partners. Trump invoked the 1977 International Emergency Economic Powers Act to declare an emergency over the growing U.S. trade deficit and impose his “reciprocal” tariffs and a separate fentanyl emergency. Asian shares were headed for the worst week since April on Friday after the tariffs were announced.