Trump Tariffs: Wave of New Duties as Trade Deal Deadline Passes

As the August 1 deadline set by former President Donald Trump for finalizing trade agreements expires, the U.S. has rolled out a sweeping set of new import tariffs affecting dozens of countries.

A new executive order outlines tariff increases ranging from 10% to 41%, set to take effect within a week. Among the affected is Taiwan, which will face a 20% import duty under the new measures — a move that comes despite ongoing trade discussions between Taipei and Washington.

Earlier this year, in April, Taiwanese exports were hit with an initial 32% tariff, though the Trump administration later imposed a 90-day freeze to allow room for negotiations. Those talks have continued, but remain unresolved.

“Talks are ongoing, and it’s too early to call them a success or failure,” Taiwanese President Lai Ching-te told reporters. U.S. officials, speaking to Reuters, confirmed progress, saying Taiwan’s proposal had been “positively received” and that both sides are nearing an agreement.

Markets React: Asian Currencies Slide

The new wave of tariffs has sent ripples through global financial markets, especially in Asia. Risk-averse investors are pulling out of regional assets, causing several currencies to fall sharply.

• South Korea’s won dropped 0.62% to its lowest level in two months, hitting 1,400.6 per U.S. dollar.
• Malaysia’s ringgit fell 0.5%, marking its weakest position since June 23.
• The Philippine peso, Taiwan dollar, and Thai baht each declined over 0.3%.