U.S. President Donald Trump signed an executive order on Thursday reducing tariffs on Sri Lankan goods to 20% from 44% announced in April, the White House said.<\/p>\n
Trump had initially announced a tariff rate of 44% in April for Sri Lankan exports. However, the rate was then reduced to 30%, according to a letter directed to President Anura Kumara Dissanayake on July 10.<\/p>\n
On April 2, President Donald Trump declared a US economic emergency and announced tariffs of at least 10% across all countries, with rates even higher for 60 countries or trading blocs that have a high trade deficit with the US. He deemed it \u201cLiberation Day.\u201d<\/p>\n
With just a few hours to go before the August 1 trade deadline, the White House announced its new trade policy late Thursday \u2013 and, along with it, its new tariff plan.<\/p>\n
In what qualifies as restraint during President Donald Trump\u2019s historic tariff policy, the White House announced that the \u201cuniversal\u201d tariff for goods coming into the United States will remain at 10%, the same level that was implemented on April 2.<\/p>\n
But that 10% rate will apply only to countries with a trade surplus \u2013 countries to which the United States exports more than it imports. That applies to most countries, a senior administration official said.<\/p>\n
A 15% rate will serve as the new tariff floor for countries with which the United States has a trade deficit. About 40 countries\u2019 goods will be subjected to that new 15% tariff. That tariff will be lower for many of those nations than the April 2 \u201creciprocal\u201d tariffs, but it will be higher for a handful.<\/p>\n
And more than a dozen countries have tariff rates that are higher than 15%, either because they agreed to a trade framework with the United States or because Trump sent their leaders a letter dictating a higher tariff. The senior administration official said those countries have among the highest trade deficits with the United States.<\/p>\n
\u201cPresident Trump is using tariffs as a necessary and powerful tool to put America First after many years of unsustainable trade deficits that threaten our economy and national security,\u201d the White House said in a statement.<\/p>\n
The new tariff regime will not go into effect Friday, as expected. Instead, the tariffs will be implemented on August 7 to give Customs and Border Protection sufficient time to make the necessary changes to collect the new duties.<\/p>\n
Accordingly, the US president announced adjustments to some of those reciprocal tariffs ahead of its deadline.<\/p>\n
<\/p>\n
Here\u2019s what\u2019s different:<\/p>\n
\u2022 Sri Lanka: 44% to 20%<\/p>\n
\u2022 Angola: 32% to 15%<\/p>\n
\u2022 Bangladesh: 37% to 20%<\/p>\n
\u2022 Bosnia and Herzegovina: 35% to 30%<\/p>\n
\u2022 Botswana: 37% to 15%<\/p>\n
\u2022 Brunei: 24% to 25%<\/p>\n
\u2022 Cambodia: 49% to 19%<\/p>\n
\u2022 Cameroon: 11% to 15%<\/p>\n
\u2022 Chad: 13% to 15%<\/p>\n
\u2022 C\u00f4te d`Ivoire: 21% to 15%<\/p>\n
\u2022 Democratic Republic of the Congo: 11% to 15%<\/p>\n
\u2022 Equatorial Guinea: 13% to 15%<\/p>\n
\u2022 European Union: 20% to 15% (for most goods)<\/p>\n
\u2022 Falkland Islands: 41% to 10%<\/p>\n
\u2022 Fiji: 32% to 15%<\/p>\n
\u2022 Guyana: 38% to 15%<\/p>\n
\u2022 India: 26% to 25%<\/p>\n
\u2022 Indonesia: 32% to 19%<\/p>\n
\u2022 Iraq: 39% to 35%<\/p>\n
\u2022 Israel: 17% to 15%<\/p>\n
\u2022 Japan: 24% to 15%<\/p>\n
\u2022 Jordan: 20% to 15%<\/p>\n
\u2022 Kazakhstan: 27% to 25%<\/p>\n
\u2022 Laos: 48% to 40%<\/p>\n
\u2022 Lesotho: 50% to 15%<\/p>\n
\u2022 Libya: 31% to 30%<\/p>\n
\u2022 Liechtenstein: 37% to 15%<\/p>\n
\u2022 Madagascar: 47% to 15%<\/p>\n
\u2022 Malawi: 17% to 15%<\/p>\n
\u2022 Malaysia: 24% to 19%<\/p>\n
\u2022 Mauritius: 40% to 15%<\/p>\n
\u2022 Moldova: 31% to 25%<\/p>\n
\u2022 Mozambique: 16% to 15%<\/p>\n
\u2022 Myanmar: 44% to 40%<\/p>\n
\u2022 Namibia: 21% to 15%<\/p>\n
\u2022 Nauru: 30% to 15%<\/p>\n
\u2022 Nigeria: 14% to 15%<\/p>\n
\u2022 North Macedonia: 33% to 15%<\/p>\n
\u2022 Pakistan: 29% to 19%<\/p>\n
\u2022 Philippines: 17% to 19%<\/p>\n
\u2022 Serbia: 37% to 35%<\/p>\n
\u2022 South Korea: 30% to 15%<\/p>\n
\u2022 Switzerland: 31% to 39%<\/p>\n
\u2022 Taiwan: 32% to 20%<\/p>\n
\u2022 Thailand: 36% to 19%<\/p>\n
\u2022 Tunisia: 28% to 25%<\/p>\n
\u2022 Vanuatu: 22% to 15%<\/p>\n
\u2022 Vietnam: 46% to 20%<\/p>\n
\u2022 Zambia: 17% to 15%<\/p>\n
\u2022 Zimbabwe: 18% to 15%<\/p>\n","protected":false},"excerpt":{"rendered":"
U.S. President Donald Trump signed an executive order on Thursday reducing tariffs on Sri Lankan goods to 20% from 44% announced in April, the White House said. Trump had initially announced a tariff rate of 44% in April for Sri Lankan exports. However, the rate was then reduced to 30%, according to a letter directed […]<\/p>\n","protected":false},"author":2,"featured_media":2989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[],"class_list":["post-4470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leadstories","category-local"],"yoast_head":"\n