Viernes 8 de agosto del 2025
The Trump administration on August 7 imposed new “reciprocal” tariffs ranging from 15% to 41% on 65 countries around the globe (see the July 31 executive order). Analysts assess that the average U.S. tariff has now risen eight-fold from about 2.5% in January to approximately 20% today (21.1% according to the Tax Foundation and 18.6% according to the Yale Budget Lab, for example). The Chamber’s August 1 International Trade Update provides further details.
A few countries have received exceptional treatment in the past week:
- China’s tariff treatment remains in stasis as President Trump and cabinet officials appear to be leaning toward an extension of the 90-day agreement expiring August 12.
- Mexico remains subject to the U.S. duties imposed in March and April for another 90 days; these include the Section 232 steel, aluminum, and auto duties and the 25% “fentanyl” duties applicable to goods that do not comply with USMCA.
- Canada did not secure the same “reprieve” as Mexico, leading the U.S. to hike the “fentanyl” duties on its imports from Canada to 35%, though the share subject to those duties has declined to approximately 10-15% (which is generally true for imports from Mexico as well).
- Brazil and India saw their merchandise exports to the U.S. subjected to substantially higher duties (see below).
Chip, Pharma Duties Near? President Trump on August 6 said his administration plans to impose a 100% tariff on “all chips and semiconductors coming into the United States.” He added that companies that make domestic investment commitments can avoid the high tariffs: “If you have made a commitment to build or are in the process of building [in the U.S.], as many are, there is no tariff… I think the chip companies are all coming back home. They’re all coming back.”
A day earlier, the president told CNBC’s “Squawk Box“ that planned tariffs on pharmaceuticals imported into the U.S. could eventually reach as high as 250%. He said he will initially impose a “small tariff” on pharmaceuticals, but then in a year to a year and a half “maximum” he will raise that rate to 150% and then 250%. Officials have indicated these initial moves could come within a week.
