Programming Note: Tomorrow’s News Items will be one feature: a column by Jerry Seib on gerrymandering. The Weekend Edition of News Items will be posted on Sunday.
1. Bloomberg:
President Donald Trump unveiled a slew of new tariffs that boosted the average US rate on goods from across the world, forging ahead with his turbulent effort to reshape international commerce.
The baseline rates for many trading partners remain unchanged at 10% from the duties Trump imposed in April, easing the worst fears of investors after the president had previously said they could double. Yet his move to raise tariffs on some Canadian goods to 35% threatens to inject fresh tensions into an already strained relationship, while countries like Switzerland and New Zealand also saw increased rates.
Taken together, the average US tariff rate will rise to 15.2% if rates are implemented as announced, according to Bloomberg Economics. That’s up from 13.3% earlier and significantly higher than the 2.3% in 2024 before Trump took office.
Most of the tariffs will take effect after midnight on Aug. 7, to allow time for US Customs and Border Protection to make necessary changes to collect the levies. Trump signed the directive just hours before his prior Aug. 1 deadline for higher tariffs to kick in on scores of trading partners. (Source: bloomberg.com)
2. Mr. Trump signed an executive order on Thursday increasing tariffs on Canadian goods imported to the United States from 25% to 35%. The new import tax rates goes into effect today, according to a White House factsheet. The tariff would cover all products not covered by the US-Mexico-Canada trade agreement. Goods transshipped to another country to evade the new tariffs would be subject to a transshipment levy of 40%. Prime minister Mark Carney said he was “disappointed” by the decision, which comes after months of tariff threats from the Trump administration and escalating trade tensions that have sowed anger in Canada. (Source: theguardian.com)
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