Washington, DC [US], August 1 (ANI): United States President Donald Trump on Thursday (local time) issued an Executive Order further modifying reciprocal tariff rates, building upon the national emergency declared under Executive Order 14257 earlier this year, in an effort to address what he described as large and persistent U.S. goods trade deficits that pose a threat to national security and the economy.

Invoking authority under the International Emergency Economic Powers Act (IEEPA), the National Emergencies Act, and the Trade Act of 1974, Trump said the new measures respond to additional recommendations received from senior officials on foreign trade practices and their impact on U.S. exports, manufacturing, and supply chains.

'In Executive Order 14257 of April 2, 2025, I found that conditions reflected in large and persistent annual U.S. goods trade deficits constitute an unusual and extraordinary threat... I declared a national emergency... and imposed additional ad valorem duties that I deemed necessary and appropriate,' the order stated.

The latest order imposes adjusted ad valorem duties on goods from specific trading partners, replacing earlier rates. Goods from other countries will continue to face a 10% duty under Executive Order 14257, as amended.

According to the order, the revised Harmonized Tariff Schedule of the United States (HTSUS) will be updated accordingly and take effect seven days after the order's issuance. Goods in transit prior to the deadline and entered before October 5, 2025, will be exempt.

Among the adjusted rates, Iraq will face a 35% duty, Laos and Myanmar 40%, Switzerland 39%, and Syria 41%. India's rate has been set at 25%, while Brazil and the United Kingdom will face a 10% duty.

The European Union will be subject to a conditional structure: goods with a Column 1 Duty Rate of less than 15% will see the rate increased to 15%, while those with rates of 15% or higher will not face any additional duty.

Trading partners currently negotiating trade and security agreements with the United States will continue under the new tariff structure until new orders are issued.

The Executive Order also imposes steep penalties on transshipment schemes. Goods determined by U.S. Customs and Border Protection (CBP) to have been transshipped will be subject to a 40% ad valorem duty in addition to other applicable penalties. A list of countries and facilities involved in such schemes will be published every six months to aid procurement and security reviews.

Implementation will be overseen by the Secretary of Commerce, Secretary of Homeland Security, the United States Trade Representative, and other senior officials, who are authorized to take all necessary actions, including updates to the HTSUS and issuance of guidance.

The Commerce Secretary and the USTR have been directed to continue monitoring the national emergency situation and recommend further action if foreign partners fail to take adequate steps or engage in retaliatory measures.

'This order shall be implemented consistent with applicable law and subject to the availability of appropriations. The cost of publication will be borne by the Office of the United States Trade Representative,' the order stated. (ANI)