US Tariffs: US President Donald Trump announced a slew of new tariffs on at least 85 countries, including the ones he has made a trade deal with, hours before the August 1 deadline.
The new tariffs include a 10 per cent global minimum and 15 per cent or higher duties for countries with trade surpluses with the US.
For many countries, the baseline tariffs remain unchanged. However, for countries like Canada, the tariff has been increased from 25 per cent to 35 per cent. India is among the highest-charged countries under the new set of US tariffs at 25 per cent, as compared to peers like Pakistan (19 per cent), Vietnam (20 per cent) and Bangladesh (20 per cent).
Most of the rates will take effect after midnight on August 7 to allow time for US Customs and Border Protection to make necessary changes to collect the levies.
Bosnia and Herzegovina - 30% tariff
European Union - 15% tariff
South Africa - 30% tariff
United Kingdom - 10% tariff
(This is a developing story. Check back for updates)