New US Tariffs Coming To Aug. 7

JAKARTA - The new tariff passed through US President Donald Trump's executive order will take effect on August 7, six days after the previous deadline was announced.

As reported by ANTARA from Sputnik, Trump signed a cap that dropped fares from 15-41 percent for products supplied to the US from more than 60 countries. The new tariff was originally expected to take effect on Friday, August 1.

CNN reports the tariff will only be effective on August 7 to provide sufficient time for Customs and US Border Protection to change the system needed.

However, a 35 percent tariff for Canadian products not listed in pre-existing free trade agreements includes exceptions and will be effective on Friday, according to the report.

On April 2, Trump signed an executive order imposing a "return" rate of 10 percent for imported products, at higher rates for 57 countries starting April 9, based on the US trade deficit.

After more than 75 countries attempted to negotiate instead of retaliation, the 10 percent basic tariff was imposed for 90 days until 9 July.

Exactly two days before the deadline, Trump then extended the suspension of higher tariffs until August 1, but informed several countries the tariff increase would take effect from that date.

On Thursday Trump announced adjustments to some of the reciprocal rates ahead of the midnight deadline.