The new rates are due to take effect on Aug. 7, but uncertainty over what Trump might do next remains. The way ahead for China, which runs the largest trade surplus with the U.S., is unclear after talks earlier this week in Stockholm produced no deal. Trump has yet to say if he'll extend an Aug. 12 pause on painfully high import duties on Chinese products.
The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea’s Kospi dropping nearly 4% after the tariff rate for the U.S. ally was set at 15%. The U.S. dollar weakened against the Japanese yen, trading at more than 150 yen per dollar.
Switzerland was reeling after Trump ordered a 39% tariff rate for the land of luxury watches, pharmaceuticals and financial services. That was up from his original proposal of a 31% duty.
“The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland’s very constructive stance from the outset, the U.S. intends to impose unilateral additional tariffs on imports from Switzerland,” the government said in a post on X. It said it would continue to seek a negotiated solution.
Still working on it
New Zealand officials said Friday they would keep lobbying Trump to cut the 15% tariff he announced for their country’s exports to the U.S., up from the original 10% baseline set in April.
“We don’t think this is a good thing. We don’t think it’s warranted,” Trade Minister Todd McClay told Radio New Zealand. The exporter of meat, dairy, wine and farm machinery ran a $1.1 billion trade surplus with the U.S. in 2024, according to U.S. Trade Representative data.
McClay said New Zealand exporters had reported they could absorb a 10% tariff or pass it on to U.S. consumers through increased costs. A further increase would “change the equation,” he said.
Neither New Zealand nor its neighbor Australia have struck tariff deals with the Trump administration. Australian steel and aluminum exports have faced a steep 50% tariff since June.
Australian Trade Minister Don Farrell said the 10% overall tariff on Australia's exports to the United States was a vindication of his government’s “cool and calm negotiations.” But he said even that level was not justified. The U.S. exports twice as much to Australia as it imports from its bilateral free trade partner, and Australia imposes no tariffs on U.S. exports.
Objecting to a 15% tariff rate, Norwegian Prime Minister Jonas Gahr Støre told the newspaper VG the Scandinavian country should have “zero tariffs." He said talks were continuing.
