President Trump announces several tariff rate modifications

U.S. President Donald Trump has announced several modifications to tariff rates for various countries and imported products.  

The president has increased the tariff on Canadian imports from 25% to 35%, effective Aug. 1. Mexican goods will continue to be taxed at 25% after President Trump spoke with Mexican President Claudia Sheinbaum and agreed not to raise the rate for 90 days.

President Trump has also imposed a 50% tariff on “all imports of semi-finished copper products and intensive copper derivative products,” effective Aug. 1.

In a July 31 Executive Order: Further Modifying Reciprocal Tariff Rates, the president modified several tariff rates and trading partner-specific headings in the Harmonized Tariff Schedule of the United States (HTSUS). Affected countries and their respective tariff rates are outlined in Annex I of the order, and changes to headings in the HTSUS are detailed in Annex II.

This order does not affect the May 12, 2025, Executive Order 14298 Modifying Reciprocal Tariff Rates to Reflect Discussions with the People’s Republic of China.

Foreign trading partners not listed in Annex I are subject to an ad valorem rate of 10%. These tariff rate modifications and HTSUS heading changes are effective Fri., Aug. 8.