Washington: US President Donald Trump signed an executive order on Thursday to adjust the reciprocal tariff rates for dozens of countries, as the August 1 trade deal deadline approaches, Anadolu Ajansi reported. The order aims to address the US goods trade deficits by modifying tariffs in efforts to secure fair and balanced trade relationships that benefit American industries.

According to BERNAMA News Agency, the newly signed order will take effect on August 7, providing a short period for negotiators to finalize agreements. Some countries have already agreed to or are nearing the conclusion of significant trade and security agreements with the United States. Until these deals are finalized, they will face increased tariffs.

President Trump had previously announced broad tariffs on April 2, introducing a 10% baseline rate for countries while negotiations continued. The August 1 deadline set by Trump requires nations to secure deals with the US or face heightened import duties. Additionally, a separate order will raise the tariff rate on Canada from 25% to 35% starting August 1.

Tariff rates for most nations range between 15% and 30%, with Iraq, Laos, Myanmar, Switzerland, and Syria assigned higher rates of 35%, 40%, 40%, 39%, and 41%, respectively. The order outlines the adjusted tariff rates for various countries and territories, highlighting the administration’s strategy to leverage tariffs in negotiating trade agreements.