executive order<\/a>\u00a0Thursday that modified tariff rates for dozens of countries after he had twice delayed plans to implement \u201creciprocal\u201d tariffs on other nations. Tariff rates range from as high as 41 percent on goods from Syria to as low as 10 percent, the baseline established for all imports.<\/p>\nThe executive order states that all imports will face a 10 percent tariff. The order goes into effect Aug. 7.<\/p>\n
Some nations have negotiated separate trade agreements to lock in tariff rates. For example, Indonesia and Thailand agreed to a 19 percent tariff, South Korea and Japan negotiated deals that included a 15 percent tariff, and the United Kingdom struck a deal for a 10 percent tariff. Certain other nations that have not negotiated deals will face higher rates.<\/p>\n
Hassett touted the tariff deals that the president has struck and said those rates are \u201cmore or less locked in\u201d as other countries might continue to press for negotiations, even after the tariffs kick in.<\/p>\n
\u201cWe have eight deals that cover about 55 percent of world GDP with our biggest trading partners, the EU and Japan, Korea and so on,\u201d Hassett said. \u201cI expect that those matters are more or less locked in, although there will have to be some dancing around the edges about exactly what we mean when we do this or that.\u201d<\/p>\n
\u201cFor the deals that aren\u2019t ready yet, they\u2019re going to get the reciprocal rates soon, and then we would expect that there might continue to be negotiations with those countries,\u201d he added.<\/p>\n
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