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Cambodia’s deputy prime minster has said the new 19% tariff rate protects its garment manufacturing industry with its 1 million workers and allows the country to be competitive with its peers.
Reuters quotes Sun Chanthol as saying the US’s previous tariff rate – set up to 49% – would have caused the industry to collapse.
Asian stocks tumble amid new Trump tariffs
Shares in Asia fell on Friday after the US hit dozens of trading partners with high tariffs.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7%, bringing the total loss this week to 1.8%. South Korea’s KOSPI plunged 3% while Taiwanese shares fell 0.9%, Reuters reports.
Japan’s Nikkei dropped 0.4%. Chinese blue chips were flat and Hong Kong’s Hang Seng index eked out a small gain of 0.2%.
“At this point, the reaction in markets has been modest, and I think part of the reason for that is the recent trade deals with the EU, Japan, and South Korea have certainly helped to cushion the impact,” said Tony Sycamore, an analyst at IG.
The market now, I think, has probably taken the view that these trade tariff levels can be renegotiated, can be walked lower over the course of time.
The tariff list - in full
Here is a searchable list of the latest reciprocal tariffs announced by the White House:
Donald Trump has said his new steep tariffs are going “very well, very smooth” – but that he’s open to more deals.
The US president also told NBC News he was open to further discussions with Canada, adding that he may even speak with Canadian prime minister Mark Carney later in the night, Reuters reports.
Trump signed an executive on Thursday order raising tariffs on Canadian goods to 35% from 25% on all products not covered by the US-Mexico-Canada trade agreement.
Opening summary
Welcome to our live coverage of Donald Trump’s sweeping tariff regime.
The US president signed an executive order on Thursday imposing reciprocal tariffs from 10% to 41% on US imports from dozens of countries and foreign locations. Rates were set at 25% for India, 20% for Taiwan and 30% for South Africa ahead of Trump’s self-imposed deadline of 1 August for striking trade deals with countries worldwide.
He extended the deadline for a tariff agreement with Mexico by another 90 days.
Brazil’s tariff rate was set at 10%, but a previous order signed by Trump placed a 40% tariff on some Brazilian goods, to punish the country for prosecuting its former president Jair Bolsonaro over an alleged coup attempt after the 2022 election.
In other key news:
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Canadian imports will face tariffs of 35%, not the current 25%, the White House announced. Trump had threatened on Wednesday that Ottawa’s move to recognise a Palestinian state would make agreeing a trade deal “very hard”.
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Some of the world’s poorest and most war-torn countries were hit with punitive rates, including Syria, which faces a levy of 41%; Laos and Myanmar with rates of 40%; Libya with a rate of 30%; Iraq with 35% and Sri Lanka with 20%. Switzerland faces a rate of 39%. The rates are set to go into effect in seven days, according to the order.
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Thailand’s finance minister said on Friday that a 19% tariff rate had been agreed – significantly lower than the 36% level announced in April and better aligned with other countries in the region. Vietnam and Indonesia reportedly negotiated tariffs of 20% and 19% respectively.
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China faces a separate deadline for its higher tariffs of 12 August, with an extension to the truce agreed in principle but yet to be approved by the White House.
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By 31 July just eight countries or economic blocs had reached formal agreements with the White House: the UK, Vietnam, Indonesia, Philippines, South Korea, Japan, Pakistan and the EU.
– With Helen Livingstone, Lisa O’Carroll and agencies
