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Investing.com-- U.S. President Donald Trump is set to sign a series of executive orders by Thursday imposing higher tariffs on countries that have failed to reach new trade deals with the U.S. by his self-imposed August 1 deadline, Politico reported on Wednesday, citing a White House official.
The measures could impact major U.S. trading partners, including Canada, Mexico, and Taiwan, sparking last-minute efforts to strike agreements, the report said.
The White House has insisted there will be no further extensions to the deadline, unlike in previous rounds of Trump’s “reciprocal” tariff policy launched in April.
Trump has already rolled out tariffs of up to 50% on Brazilian goods, scrapped a tariff exemption for low-value imports, and imposed duties on copper products. He also announced deals with South Korea and Pakistan tied to investment and energy cooperation.
On Wednesday, Trump announced that he plans to impose a 25% tariff on Indian goods, although a deal is yet to be finalized.
Negotiators for countries still at risk, such as Taiwan, Lesotho, and Switzerland, face steep hikes without clear paths to balance their trade deficits, the report added.