On Apr. 2, 2025, President Donald Trump signed Executive Order 14257, an official declaration of emergency regarding America’s trade deficit. Calling the day “Liberation Day,” Trump used the executive order and the International Emergency Economic Powers Act (IEEPA) to launch a vast amount of tariffs against nearly all of America’s trade partners. There was a 10% baseline tariff on imports that began on Apr. 5, and a few days later, there came a cascade of additional tariffs applied to various specific countries.
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Following the announcement, global markets crashed, and Trump reversed course, announcing he would give America’s trade partners until Aug. 7 to negotiate better trade deals. Over the course of a single summer, economic uncertainty and unease has developed around the subject of Trump’s tariffs, and how negatively they will impact not only America’s trade partners, but America itself. Frequently, tariffs cause price increases on everyday products, forcing Americans to ultimately foot the tariff bills.
Additionally, following a weak jobs report in late July, and Trump’s threat that it is “too late” for some countries to escape high tariffs, there are growing fears that Trump’s hardline financial policy could cause an economic downturn, according to CNBC.
There have been so many changes, updates, reversals, pauses and additional tariffs instituted that it can be hard to know what is evening happening, tariffs-wise. Catch up with an update on Trump’s tariffs and where a number of them stand as of August 2025.
Brazil
Trump has ordered a 50% tariff on a number of imports from Brazil, per Yahoo Finance. This does not include products important to America like aircraft parts and orange juice, of which Brazil is a primary importer.
European Union
The current deal — still being negotiated — will institute a 15% tariff upon the European Union.
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India
Trump recently threatened on his own social media platform, Truth Social, that India would be hit with “substantially” higher tariffs soon because the country is “not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine are being killed by the Russian War Machine.”
This comes after Trump had already announced a 25% tariff on Indian imports.
Mexico
In July, Trump gave America’s biggest trade partner, Mexico, a 90-day hiatus from incurring higher tariffs.
South Korea
A new trade deal has now been made with South Korea, in which they will incur a 15% tariff on their imports sent to America, while America will not pay a reciprocal tariff on exports leaving the country.
Switzerland
Yahoo Finance has also reported that Switzerland will be hit with a powerful 39% tariff hike, which is expected to significantly hurt the Swiss watch industry.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: An Update on Trump’s Tariffs in August 2025: 6 Things To Know
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