The White House stated that US President Donald Trump will keep minimum global tariff rates at 10%, resisting prior suggestions he could raise the floor to 15% or higher, Bloomberg reported late Thursday.
Additional takeaways
US set a baseline tariff rate of 10%.
US set 20% tariff on goods from Taiwan, 39% from Switzerland.
US signs separate order increasing Canada rate to 35%
US will impose 19% tariffs on goods from Thailand and Cambodia.
Malaysia also lands at 19%. That rate is on par with what the Philippines and Indonesia got in their previously announced deals.
Market reaction
The Swiss Franc (CHF) is underperforming G-10 peers after a surprisingly high tariff rate was imposed on Switzerland. At the time of writing, the USD/CHF pair is trading 0.14% higher on the day to trade at 0.8135. Meanwhile, US equity futures have accelerated early declines in Asian trading. The US Dollar Index (DXY) is trading 0.01% higher on the day to trade at 100.05.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.01% | -0.03% | 0.02% | 0.05% | 0.01% | 0.23% | 0.17% | |
| EUR | 0.00% | 0.07% | 0.03% | 0.12% | 0.15% | 0.09% | 0.23% | |
| GBP | 0.03% | -0.07% | 0.00% | 0.04% | 0.08% | 0.22% | 0.18% | |
| JPY | -0.02% | -0.03% | 0.00% | 0.02% | 0.01% | 0.09% | 0.15% | |
| CAD | -0.05% | -0.12% | -0.04% | -0.02% | -0.05% | 0.18% | 0.13% | |
| AUD | -0.01% | -0.15% | -0.08% | -0.01% | 0.05% | 0.15% | 0.22% | |
| NZD | -0.23% | -0.09% | -0.22% | -0.09% | -0.18% | -0.15% | 0.05% | |
| CHF | -0.17% | -0.23% | -0.18% | -0.15% | -0.13% | -0.22% | -0.05% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
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