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Trump imposes tariffs on 92 countries in major trade overhaul
Friday, August 01, 2025 — 16:29:10 (UTC)
Espoo Usima, Finland—1 August 2025 – President Trump has finalized a sweeping trade order imposing country-specific tariffs on 92 nations, in one of the most wide-reaching trade actions of his administration’s “reciprocal tariffs” strategy to date.
The announcement marks the culmination of the White House’s “Liberation Day” framework, introducing a two-tier system that applies a 10% baseline tariff to all countries and country-specific rates ranging from 10% to 41% on those listed in the annex of the executive order, with varying levels tied to each nation’s trade balance, security considerations, and deal‑making status.
Among the highest tariffs are Syria at 41 per cent, Switzerland at 39 per cent, and Canada at 35 per cent. India has been assigned a 25 per cent rate, while Taiwan, South Korea, and Japan have negotiated reductions to between 15 and 20 per cent.
The EU bloc has agreed to a flat 15 per cent tariff on most exports to the US following a recent deal, narrowly avoiding more severe penalties. In total, the tariffs are set to apply to over 70 per cent of global trade by volume.
Markets responded immediately, Global equities fell, with particularly steep losses in Asia and Latin America, as investors reassessed the risk of trade fragmentation.
Mark McCarthy, Chief Revenue Officer at Basware, commented: "Trade wars and tariff uncertainty introduce volatility into the global economy. For major enterprises, especially those with complex supply chains or international footprints, this creates hesitation around IT spending. CIOs and CFOs may want to delay large IT investments, reassess strategic priorities and scrutinize every dollar of spend.”
“Organizations are working on contingencies, but in a turbulent environment, smart enterprises don't stop investing, they get more focused on their spending and look for greater ROI on every purchase. This means looking to drive even more cost efficiency, investing in areas to mitigate operational risk, accelerating automation to do more with less, and increasing agility and visibility over the tech stack.”
Michael Joseph, Compliance Expert at Napier AI, commented: “Tariffs create a breeding ground for financial crime. Fluctuating tariffs, while designed to serve economic and national security objectives, have created unintended consequences. As supply chains reorganize in response, new vulnerabilities for money laundering and other financial crimes have emerged. Our research shows that money laundering and terrorist financing cost the US economy over $600 billion per year on average.”
In commodities, copper futures fell more than 20% after a surprise 50% levy was imposed on semi-finished copper products, while refined copper remained exempt. The shock rippled into currency markets, weakening the Canadian dollar and South African rand against the U.S. dollar as investors assessed the economic fallout.
The administration argues the tariffs are necessary to address trade imbalances, encourage fairer deals, and support domestic manufacturing. However, legal and legislative pushback is mounting.
A federal court previously ruled the IEEPA-based tariff powers unconstitutional in V.O.S. Selections, Inc. v. United States, though enforcement is paused pending appeal. Meanwhile, Congress is advancing the Trade Review Act, which would restrict executive tariff authority to 60 days unless extended.
The move marks a significant escalation in Trump’s bid to reshape global trade through “reciprocity,” despite ongoing legal uncertainty.
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Source: Company press release. 
Categories: Announcement
