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In Canada, the mayor of an Ontario city has expressed defiance over the 35% tariffs Donald Trump<\/a> has imposed on the country and called for people to \u201cbuy nothing\u201d from the US.<\/p>\n Carolyn Parrish, mayor of the city of Mississauga, near Toronto, posted on X<\/a>:<\/p>\n Canada comes of age! 35% tariffs imposed by Trump as of midnight tonight. Time to grow up! Batten down the hatches and expand to new markets. Trade east west. Remove restrictions in our own country. Refine our own oil! Buy nothing from USA. Thank you Trump for a new tomorrow!<\/p>\n Trump on Thursday increased tariffs from 25% to 35%<\/a> on all products not covered by the US-Mexico-Canada trade agreement.<\/p>\n As reported earlier<\/a>, the president told NBC News on Thursday he was open to further discussions with Canada, adding that he may even speak with Canadian PM Mark Carney later in the night.<\/p>\n Share<\/a><\/p>\n Updated at\u00a000.39 EDT<\/p>\n Most Asian currencies slipped to multi-month lows on Friday, with South Korea\u2019s won and Malaysia\u2019s ringgit leading declines, as investors fled riskier regional assets after the US\u2019s sweeping new tariffs.<\/p>\n The won bore the brunt of the selloff, tumbling 0.62% to a two-month low of 1,400.6 against the US dollar, while the ringgit shed 0.5% to hit its weakest level since 23 June 23, Reuters reports.<\/p>\n The broad-based retreat extended across the region, with the Philippine peso, Taiwan dollar and Thai baht all declining more than 0.3% as the tariff fallout rippled through Asian markets.<\/p>\n The MSCI emerging market currency gauge has already fallen well over 1% so far this week, snapping in July from a six-month rally. It fell over 0.3% on Friday.<\/p>\n Share<\/a><\/p>\n Malaysia says its revised US tariff rate has been achieved without compromising the nation\u2019s sovereign rights after it stood firm on various \u201cred line\u201d issues.<\/p>\n Malaysia\u2019s trade ministry said on Friday that the positive outcome of the US tariff talks followed sustained engagement between both governments and was a significant achievement of Malaysia\u2019s thorough and methodical negotiating process, Reuters reports.<\/p>\n The US imposed a 19% tariff rate on Malaysia. The ministry said:<\/p>\n We will continue to work closely with relevant ministries, agencies to find ways to mitigate the impact of tariffs on Malaysia\u2019s exports.<\/p>\n Share<\/a><\/p>\n Updated at\u00a000.01 EDT<\/p>\n Across the Tasman Sea, New Zealand was hit with 15% tariffs.<\/p>\n The country\u2019s trade minister Todd McClay said he was hoping to have talks with his US counterparts.<\/p>\n \u201cThe first step will be to talk to them directly. And we\u2019ve engaged in a lot. In fact, it\u2019s been very good engagement,\u201d he told Radio New Zealand.<\/p>\n We will be making the case about why this shouldn\u2019t have happened, and engaging very, very quickly again with US officials to clarify this and to seek changes around the new tariffs put on New Zealand exporters.<\/p>\n Local news outlet Stuff.com<\/a> reported that the opposition Labour party\u2019s trade spokesperson, Damien O\u2019Connor, said the new tariff rate was a \u201cslap in the face\u201d for exporters and could lead to higher costs at home.<\/p>\n The city skyline of Auckland, New Zealand. Photograph: Fiona Goodall\/The GuardianShare<\/a><\/p>\n Updated at\u00a023.53 EDT<\/p>\n There was good news for Australia in the announcements from Trump \u2013 in that it was not mentioned at all.<\/p>\n Guardian Australia understands the US government confirmed to the Australian embassy in Washington DC that the baseline 10% tariff rate would remain in place.<\/p>\n \u201cThe White House has confirmed that no country has reciprocal tariffs lower than Australia,\u201d a spokesperson for Australia\u2019s minister for trade, Don Farrell, said on Friday morning.<\/p>\n Get the view from Australia here:<\/p>\n Share<\/a><\/p>\n Updated at\u00a023.53 EDT<\/p>\n Amy Hawkins, our senior China correspondent, has been reporting on the impact of Trump\u2019s trade war on China\u2019s fast-fashion capital Guangzhou. There, she found millions of workers toiling day and night in informal workshops to produce cheap garments for export. Business was slow, she reports:<\/p>\n In Panyu, Yang Ruiping has run his small clothes factory, which specialises in tops and employs about 20 people, for two decades. About 30% of his orders are exported, mostly to Shein and Amazon, down from more than 50% before the pandemic. Although the pause in the trade war has eased the pressure on his business slightly, he still has \u201clittle confidence in the US\u201d.<\/p>\n \u201cIn the recent US-China trade war, if the tariffs go up, we need to lower the production costs to combat it,\u201d he says. \u201cIt leaves little room for profit\u201d. With no room to cut wages any lower, Yang says he is already losing money on every top he sells. He keeps accepting the orders in order to keep the factory open, but with the domestic market becoming increasingly competitive, he is aware he might not be able to operate much longer.<\/p>\n Read the full story here:<\/p>\n Workers producing garments at a textile factory that supplies clothes to fast fashion e-commerce company Shein in Guangzhou. Photograph: Jade Gao\/AFP\/Getty ImagesShare<\/a><\/p>\n Updated at\u00a023.42 EDT<\/p>\n More on Cambodia now \u2013 deputy prime minister Sun Chanthol has thanked Donald Trump for his understanding in Cambodia\u2019s negotiations to reduce a tariff rate to 19% after initially being set at 49% then later 36% \u2013 among the world\u2019s highest levies, Reuters reporting.<\/p>\n The news agency quoted Chanthol \u2013 Cambodia\u2019s top trade negotiator \u2013 as saying in an interview: \u201cIf the US maintained 49% or 36%, that industry would collapse in my opinion,\u201d referring to the garment and footwear manufacturing sector, the biggest economic driver in the country of 17.6 million people.<\/p>\n People would go to Indonesia, Vietnam … a 16% difference would have been huge. We can live with 5%, anything around that. We are very grateful, for protecting our industry and its employees.<\/p>\n We have close to 1 million workers, mainly women, each one of those workers supporting four-five members of their family. It would have been a huge impact if this would have been bad.<\/p>\n Cambodia has a big trade surplus with the US, with its exports to the American market accounting for 37.9% of its total shipments in 2024, valued at close to $10bn, according to official data.<\/p>\n \u2018It would have been a huge impact\u2019: Cambodian deputy PM Sun Chanthol. Photograph: Chan Tha Lach\/ReutersShare<\/a><\/p>\n Updated at\u00a023.15 EDT<\/p>\n The Indian rupee was expected to open slightly weaker on Friday amid worries over the impact of the steep US tariffs on Indian exports and persistent portfolio outflows.<\/p>\n Reuters reports the one-month non-deliverable forward indicated the rupee would open in the 87.65-87.70 range versus the US dollar, compared with 87.5950 in the previous session.<\/p>\n The rupee declined about 2% in July, with Donald Trump\u2019s threat of a 25% levy on Indian goods \u2013 alongside an unspecified penalty \u2013 pushing it closer to its all-time low of 87.95.<\/p>\n Economists estimate the 25% tariff announced could shave off India\u2019s 2025-26 growth by up to 40 basis points, but analysts and investors also believe India may be able to achieve a lower rate via negotiations.<\/p>\n Share<\/a><\/p>\n Cambodia\u2019s deputy prime minster has said the new 19% tariff rate protects its garment manufacturing industry with its 1 million workers and allows the country to be competitive with its peers.<\/p>\n Reuters quotes Sun Chanthol as saying the US\u2019s previous tariff rate \u2013 set up to 49% \u2013 would have caused the industry to collapse.<\/p>\n Share<\/a><\/p>\n Updated at\u00a022.54 EDT<\/p>\n Asian stocks tumble amid new Trump tariffs<\/p>\n Shares in Asia fell on Friday after the US hit dozens of trading partners with high tariffs.<\/p>\n MSCI\u2019s broadest index of Asia-Pacific shares outside Japan fell 0.7%, bringing the total loss this week to 1.8%. South Korea\u2019s KOSPI plunged 3% while Taiwanese shares fell 0.9%, Reuters reports.<\/p>\n Japan\u2019s Nikkei dropped 0.4%. Chinese blue chips were flat and Hong Kong\u2019s Hang Seng index eked out a small gain of 0.2%.<\/p>\n \u201cAt this point, the reaction in markets has been modest, and I think part of the reason for that is the recent trade deals with the EU, Japan, and South Korea have certainly helped to cushion the impact,\u201d said Tony Sycamore, an analyst at IG.<\/p>\n The market now, I think, has probably taken the view that these trade tariff levels can be renegotiated, can be walked lower over the course of time.<\/p>\n South Korean dealers work in front of monitors at Hana Bank in Seoul, South Korea. Photograph: Jeon Heon-Kyun\/EPAShare<\/a><\/p>\n Updated at\u00a023.44 EDT<\/p>\n The tariff list – in full<\/p>\n Here is a searchable list of the latest reciprocal tariffs announced by the White House:<\/p>\n list of tariffs<\/a>Share<\/a><\/p>\n Donald Trump has said his new steep tariffs are going \u201cvery well, very smooth\u201d \u2013 but that he\u2019s open to more deals.<\/p>\n The US president also told NBC News he was open to further discussions with Canada, adding that he may even speak with Canadian prime minister Mark Carney later in the night, Reuters reports.<\/p>\n Trump signed an executive on Thursday order raising tariffs on Canadian goods to 35% from 25% on all products not covered by the US-Mexico-Canada trade agreement.<\/p>\n Donald Trump speaks during an executive order signing ceremony in the Roosevelt Room of the White House in Washington. Photograph: Eric Lee\/EPAShare<\/a><\/p>\n Updated at\u00a023.44 EDT<\/p>\n Opening summary<\/p>\n Welcome to our live coverage of Donald Trump\u2019s sweeping tariff regime.<\/p>\n The US president signed an executive order on Thursday imposing reciprocal tariffs from 10% to 41% on US imports from dozens of countries and foreign locations. Rates were set at 25% for India, 20% for Taiwan and 30% for South Africa ahead of Trump\u2019s self-imposed deadline of 1 August for striking trade deals with countries worldwide.<\/p>\n He extended the deadline for a tariff agreement with Mexico by another 90 days.<\/p>\n Brazil\u2019s tariff rate was set at 10%, but a previous order signed by Trump placed a 40% tariff on some Brazilian goods, to punish the country for prosecuting its former president<\/a> Jair Bolsonaro over an alleged coup attempt after the 2022 election.<\/p>\n Cargo containers line a shipping terminal at the port of Oakland, California, on Thursday. Photograph: Noah Berger\/AP<\/p>\n In other key news:<\/p>\n Canadian imports will face tariffs of 35%, not the current 25%, the White House announced. Trump had threatened on Wednesday<\/a> that Ottawa\u2019s move to recognise a Palestinian state would make agreeing a trade deal \u201cvery hard\u201d.<\/p>\n Some of the world\u2019s poorest and most war-torn countries were hit with punitive rates, including Syria, which faces a levy of 41%; Laos and Myanmar with rates of 40%; Libya with a rate of 30%; Iraq with 35% and Sri Lanka with 20%. Switzerland faces a rate of 39%. The rates are set to go into effect in seven days, according to the order.<\/p>\n Thailand\u2019s finance minister said on Friday that a 19% tariff rate had been agreed \u2013 significantly lower than the 36% level announced in April and better aligned with other countries in the region. Vietnam and Indonesia reportedly negotiated tariffs of 20% and 19% respectively.<\/p>\n China faces a separate deadline for its higher tariffs of 12 August, with an extension to the truce agreed in principle<\/a> but yet to be approved by the White House.<\/p>\n By 31 July just eight countries or economic blocs had reached formal agreements with the White House: the UK, Vietnam, Indonesia, Philippines, South Korea, Japan, Pakistan and the EU.
\u2013 With Helen Livingstone<\/a>, Lisa O\u2019Carroll<\/a> and agencies<\/p>\n