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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n