President Donald Trump has issued an Executive Order modifying reciprocal tariff rates, building on a previously declared national emergency. The move aims to address U.S. goods trade deficits, which are perceived as a threat to national security and the economy. Invoking the International Emergency Economic Powers Act and the Trade Act of 1974, Trump’s order adjusts ad-valorem duties on goods from specific trading partners. Iraq will face a 35% duty, Laos and Myanmar 40%, Switzerland 39%, and Syria 41%. India’s rate remains at 25%, while Brazil faces a 50% duty. The European Union faces a conditional structure, with rates increasing to 15% for goods with lower duties, and no additional duties for those with rates of 15% or higher. Penalties are imposed on transshipment schemes, with a 40% duty added to goods found to be transshipped. The order directs the Secretary of Commerce, Secretary of Homeland Security, and the United States Trade Representative to oversee implementation and monitor the situation.
