WASHINGTON — President Donald Trump signed an executive order Thursday evening that set new tariffs on a wide swath of U.S. trading partners to go in effect Aug. 7 — the next step in his trade agenda that will test the global economy and sturdiness of American alliances.
It came as the White House announced agreements with various nations and blocs ahead of the president's self-imposed Friday deadline. The tariffs will be implemented at a later date in order for the rates schedule to be harmonized, according to a senior administration official who spoke to reporters on condition of anonymity.
After threatening the African nation of Lesotho with a 50% tariff, the country's goods will be taxed at 15%. Taiwan will have tariffs set at 20%, Pakistan at 19% and Israel, Iceland, Fiji, Ghana, Guyana and Ecuador among the countries with imported goods taxed at 15%.
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Trump announced a 50% tariff on goods from Brazil, but the order was only 10% as the other 40% was part of a separate measure Trump approved Wednesday.
A worker assembles steel decking in the construction of a housing project, Thursday, July 31, 2025, in Portland, Maine.
The order capped off a hectic Thursday as nations sought to continue negotiating with Trump. It set the rates for 68 countries and the 27-member European Union with a baseline 10% rate to be charged on countries not listed in the order. The senior administration official said the rates were based on trade imbalance with the U.S. and regional economic profiles.
Earlier, after Trump spoke with Mexican President Claudia Sheinbaum via phone, the U.S. president said he would enter into a 90-day negotiating period with Mexico, one of the largest U.S. trading partners. The 25% tariff rates will stay in place, down from the 30% he previously threatened.
“We avoided the tariff increase announced for tomorrow and we got 90 days to build a long-term agreement through dialogue,†Sheinbaum wrote on X after the call that Trump referred to as “very successful†in terms of the leaders getting to know each other better.
Mexican President Claudia Sheinbaum attends a morning news conference at the National Palace on April 2 in Mexico City.
“We have made a few deals today that are excellent deals for the country,†Trump told reporters in the afternoon, without detailing the terms of those agreements or the nations involved. The senior administration official declined to reveal the nations that have new deals during the call with reporters.
Trump said Canadian Prime Minister Mark Carney called ahead of 35% tariffs being imposed on many of his nation's goods, but “we haven’t spoken to Canada today.â€
Trump's “reciprocal†tariffs announced in April resulted in a stock market panic and recession fears, prompting him to impose a 90-day negotiating period. When he was unable to create enough trade deals with other countries, he extended the timeline and sent out letters to world leaders that simply listed rates, prompting a slew of hasty deals.
Trump reached a deal Wednesday with South Korea, and earlier with the EU, Japan, Indonesia and the Philippines. Commerce Secretary Howard Lutnick said on Fox News Channel's “Hannity†that there were agreements with Cambodia and Thailand after they agreed to a ceasefire in their border conflict.
Wealthy Switzerland and Norway were still uncertain about their tariff rates.
EU officials waited to complete a crucial document outlining how the framework to tax imported autos and other goods from the 27-member state bloc would operate. Trump announced a deal Sunday while he was in Scotland.
SHOTLIST: MEXICO CITY, MEXICO (JULY 31, 2025) (ANADOLU – ACCESS ALL) 1. MEXICAN PRESIDENT CLAUDIA SHEINBAUM SPEAKING AT PRESS CONFERENCE (Spanish) 2. MEXICO’S ECONOMY MINISTER MARCELO EBRARD SPEAKING AT PRESS CONFERENCE 3. MEXICO’S FOREIGN AFFAIRS SECRETARY JUAN RAMON DE LA FUENTE SPEAKING AT PRESS CONFERENCE 4. MEXICAN PRESIDENT CLAUDIA SHEINBAUM SPEAKING AT PRESS CONFERENCEMEXICO CITY, MEXICO - JULY 31: Mexican President Claudia Sheinbaum held a press conference in Mexico City on Thursday, July 31, following a phone conversation with US President Donald Trump on trade arrangement and tariffs. The press briefing, held at the National Palace, came after both leaders agreed to a 90-day suspension on the implementation of new US tariffs targeting Mexican imports. During the call, Trump confirmed that Mexico will continue to face existing tariffs, including 25% on fentanyl, 25% on cars, and 50% on steel, aluminum, and copper. He also announced that Mexico agreed to eliminate several non-tariff trade barriers. President Sheinbaum described the conversation as “constructive†and emphasized the importance of ongoing dialogue between the two nations to finalize a long-term trade agreement. Also speaking at the press conference, Economy Minister Marcelo Ebrard outlined the potential economic implications of the tariff suspension, calling the agreement a “window of opportunity†for Mexico’s industry. Foreign Affairs Secretary Juan Ramon de la Fuente stressed the diplomatic importance of the deal, noting that the 90-day extension allows both sides to de-escalate trade tensions and work toward a sustainable bilateral framework. The leaders are expected to continue negotiations over the next three months, aiming to secure a trade deal before the end of the agreed period.
Trump said as part of the agreement with Mexico that goods imported into the U.S. would continue to face a 25% tariff that he has ostensibly linked to fentanyl trafficking. He said autos would face a 25% tariff, while copper, aluminum and steel would be taxed at 50% during the negotiating period.
He said Mexico would end its “Non Tariff Trade Barriers†but didn’t provide specifics.
Some goods continue to be protected from the tariffs by the 2020 U.S.-Mexico-Canada Agreement, or USMCA, which Trump negotiated during his first term.
U.S. Census Bureau figures show the U.S. ran a $171.5 billion trade deficit with Mexico last year, buying more goods from Mexico than it sold to the country.
The Atlantic Navigator II departs from the Port of Baltimore, Thursday, July 31, 2025, in Baltimore.
Meanwhile, appellate court judges expressed skepticism over Trump’s legal rationale for his most expansive round of tariffs.
Members of the 11-judge panel of the U.S. Court of Appeals for the Federal Circuit in Washington appeared unconvinced by the Trump administration’s insistence that the president could impose tariffs without congressional approval, and hammered its invocation of the International Emergency Economic Powers Act to do so.
“IEEPA doesn’t even mention the word ‘tariffs’ anywhere,†Circuit Judge Jimmie Reyna said, a sign of the panel’s incredulity to a government attorney’s arguments.
Brett Shumate, the attorney representing the Trump administration, acknowledged in the 99-minute hearing “no president has ever read IEEPA this way†but contended it was nonetheless lawful.
The 1977 law, signed by President Jimmy Carter, allows the president to seize assets and block transactions during a national emergency. It was first used during the Iran hostage crisis and since was invoked for a range of global unrest, from the 9/11 attacks to the Syrian civil war.
President Donald Trump signed an executive order Wednesday imposing a universal 50% tariff on copper imports, triggering a sharp market reaction, according to CNBC. U.S. copper prices plunged up to 18% in after-hours trading, marking the steepest single-day drop since 1989. Copper producers Freeport-McMoRan and Southern Copper fell around 10% and 6%, respectively. The tariff takes effect Friday and follows similar duties on steel and aluminum. The White House says the move aims to boost domestic industry and fix trade imbalances. Economists warn the tariff could increase costs across sectors dependent on copper, from construction to electronics. The U.S imports nearly half its copper, mostly from Chile.
Trump says the country’s trade deficit is so serious, it qualifies for the law’s protection.
Appellate judges questioned that contention, asking whether the law extended to tariffs and, if so, whether the levies matched the threat the administration identified.
Shumate said Congress' passage of IEEPA gave the president “broad and flexible" power to respond to an emergency, but “the president is not asking for unbounded authority.â€
An attorney for the plaintiffs, Neal Katyal, characterized Trump's maneuver as a “breathtaking†power grab.
No ruling was issued from the bench. Regardless of what decision the judges’ deliberations bring, the case is widely expected to reach the U.S. Supreme Court.
In filings the Trump administration insists “a national emergency exists†necessitating its trade policy. A three-judge panel of the U.S. Court of International Trade, a specialized federal court in New York, was unconvinced, ruling in May that Trump exceeded his powers.
Automotive stocks: The effect of tariffs on shares of popular automakers
Automotive stocks: The effect of tariffs on shares of popular automakers
The Trump administration announced on March 26 , aiming to bolster U.S. manufacturing and protect national security.
Unsurprisingly, it sent shockwaves through the automotive industry and financial markets— ahead of potential price hikes, and investors scrambled to assess the fallout. According to data, there was plenty of fallout.
To add to the uncertainty, on April 14, President Donald Trump suggested he might temporarily to allow carmakers time to adjust their supply chains.
The following data is of automaker stock price action through market close on April 14. Explore data of automaker stocks and the impact of auto tariffs globally to see which auto stocks have stalled—or accelerated—since tariffs hit.
Trump's tariffs on automobiles
The Trump administration's original March 26 executive proclamation imposes a 25% tariff on all cars shipped to the U.S., effective April 3. —engines, transmissions, powertrain parts and electrical components—will follow on May 3.
The White House expects the in revenue annually.
5 biggest winners and losers from Trump tariffs
Tariffs like these are often seen as a direct hit to automakers' bottom lines because they drive up production costs and disrupt global supply chains. While companies with robust U.S.-based supply chains could, in theory, gain a competitive edge as rivals reliant on foreign components face higher costs, industry analysts believe .
The automotive industry has complex, , meaning there is no car that is 100% made in America.
And Finder sees in automaker stock prices that no car manufacturer has been left unscathed.
As of market close on April 14, the biggest winners, if you can call them winners, from Trump's tariffs are NWTN Inc., Honda, Porsche, BYD and REE Automotive. These stocks have seen the smallest decline since Trump's tariff announcement on March 26.
The biggest losers are Mullen Automotive, Phoenix Motor, Polaris, Stellantis and Lotus Technology. These stocks have seen the largest share price decline since the tariff announcement.
The impact of auto tariffs on stocks of different regions
According to Wedbush Securities Inc. analyst Daniel Ives, Trump's automobile tariffs "will cause pure chaos to the global auto industry" and by as much as $10,000.
And that's what we've seen so far when looking at share prices.
According to Finder's data, automaker stocks across the board responded negatively to President Trump's 25% tariff announcement, with U.S. carmaker stocks seeing the largest decline on average.
Impact on US automakers
It's been a turbulent time for many U.S. automakers, including , and .
Impact on European automakers
There have been no winners in the European auto-making market, with Ferrari (RACE), Polestar (PSNY) and Porsche (DRPRY) all seeing major declines since the tariff rollout.
Impact on Asian automakers
Asian auto makers have also seen major dips since the tariffs were implemented.
What are tariffs?
impose on goods entering or leaving a country, and to raise revenue, protect domestic industries or regulate international trade.
Dating back thousands of years, . They gained prominence in the U.S. with the U.S. , which aimed to protect domestic manufacturing and generate revenue, and have seen a resurgence in use as a policy tool under the Trump Administration.
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