Pakistan is facing a 19 percent duty on his export to the United States, according to a executive order issued as US President Donald Trump’s customs deadline, ending August 1.
President Donald Trump also escaped steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan, pressing on with his plans to re -order the global economy before a deadline on the Friday trade agreement.
The revised duty for Pakistan, down from the previous 29 PC, was announced one day after the US and Pakistan concluded a trade agreement in Washington.
Yesterday, a new agreement between the United States and Pakistan on the joint development of Pakistan’s oil reserves was announced by Donald Trump.
In a post on his social media platform, Truth Social, said President Trump: “We have just concluded an agreement with the country in Pakistan, where Pakistan and the United States will work together to develop their massive oil reserves.”
He added that the United States is in the process of choosing a company to lead the initiative. “Who knows, maybe they sell oil to India one day!” he noticed.
Trump introduced a deadline on August 1 for dozens of nations to strike trade agreements with the United States or face tariffs that were increased well over the 10% baseline he had already rolled out.
According to a executive order, Trump bets with a 35% duty of many items from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland.
The order stated higher import duties for 10% to 41% from seven days for 69 trading partners per year. 12:01 EDT (0401 gmt) Deadline approached.
Some of them had reached customs -reducing agreements; Others had no opportunity to negotiate with his administration. Trump included an exception for some items that were shipped within the coming week.
Goods from all other countries not listed would be subject to a 10% US import tax. Trump had previously said the rate could be higher.
The administration also teased that several trade agreements were in pipeline as it seeks to close trade deficits and increase domestic factories.
To a time limit on Friday over his creation, the Republican president has exploited emergency situations, pressed foreign leaders and pressed on with trade policies that triggered a market sale when they were first announced in April.
This time the markets had a more muted reaction. Shares and stock futures fell modestly in Friday morning trade in Asia.
Trump’s order said that some trading partners, “despite having participated in negotiations, have offered terms that, in my judgment, do not adequately address imbalances in our trading conditions or have failed to adapt to the United States on financial and national security issues.”
Other details still need to come, including on the “rules of origin”, which will decide which products can face even higher tariffs.
Trump also said “We have made a few offers today, there are excellent offers for the country,” and an American official later told journalists that they should still be announced.
Canada and Mexico
Trump issued a separate order for Canada raising the rate of Canadian goods subject to fentanyl -related tariff rates to 35%, from 25% earlier and said that Canada had “failed to cooperate” in limiting illegal narcotics flowing into the United States.
The higher tariffs on Canadian goods contrasted sharply with Trump’s decision to give Mexico a 90-day postponement from higher tariffs of 30% on many goods to give more time to negotiate a wider trade pact.
Trump complained to journalists earlier that Canada had “been very badly led.” Canada’s government did not comment immediately, but it has previously disputed there is any basis for the tariffs.
The extension of Mexico avoids a 30% customs duty on most Mexican non-automotive and non-metal products that are in line with the US-Mexico-Canada deal on trade and came after a Thursday morning call between Trump and Mexican President Claudia Sheinbaum.
India Discord
Goods from India seemed to be heading for a 25% duty after conversations spoiled over access to India’s agricultural sector and drew a threat with a higher rate from Trump, which also included an unspecified penalty for India’s purchase of Russian oil.
Although negotiations with India continued, New Delhi promised to protect the country’s labor -intensive farm sector, and the threat of higher rates from Trump triggered outrage from the opposition party and a decline in rupe.
Trump’s roll -out of higher import duties on Friday is in the midst of more evidence that they have begun to increase the prices of consumer goods.
Data on trade department released Thursday showed prices for home decor and durable household equipment burst 1.3%in June, the biggest gain since March 2022. Recreational goods and vehicles prices shot 0.9%, most since February 2024. Prices for clothing and footwear rose 0.4%.
