Most new US tariffs to kick in on 7 August: Update

Adds full list of country tariffs and new implementation date

New, higher tariffs on a broad range of US trading partners will become effective on 7 August, according to a list released by the White House late Thursday, six days later than a previously announced 1 August deadline.

The added time will allow Customs and Border Protection officials time to update the US' Harmonized Tariff Schedule. Goods that are loaded on to ships before the 7 August and enter the US before 5 October will not be subject to the new tariffs, the administration said. (see list below)

Imports from nearly every US trade partner have been subject to a 10pc tariff since 5 April, with plans for higher rates to go into effect first on 9 July then later 1 August.

Trump is expected to sign executive orders on Thursday and Friday to formalize the tariff rates he negotiated with or, in some case, dictated to foreign countries, the White House said.

"We've sent out 17 letters to countries around the world, and the rest of those countries that do not have a deal or have a letter, they will be hearing from this administration by the midnight deadline tonight," the White House said Thursday.

The Trump administration so far has a formal agreement with the UK, which keeps the US tariff rate at 10pc even after 7 August. Trade deals negotiated — but not formalized — in the past month would raise the tariff rate with the EU, Japan and South Korea to 15pc. The tariff rate is set at 19pc for Indonesia and 20pc for Vietnam. The effective date for those deals is now 7 August.

Trump unilaterally set tariffs on imports from Brazil to 50pc effective on 6 August. The US is assessing a 30pc broad tariff on imports from China and could increase the rate to 54pc on 10 August, but that deadline is likely to be extended.

Canada, Mexico, India and Taiwan stand out among the major US trading partners for not having negotiated a preliminary deal with the US as of Thursday. Trump directed his ire at India Wednesday, threatening to impose 25pc tariffs over its alleged unfair treatment of US producers and its purchases of Russian crude.

Canada, threatened with a 35pc tariff earlier this month, could face even higher hurdles for concluding a trade deal because Ottawa plans to recognize the Palestinian state, Trump posted on Thursday.

But Trump dialed down tensions with Mexico, saying on Thursday he agreed with Mexican president Claudia Sheinbaum to extend a temporary trade agreement by 90 days, which would bring that deadline to 30 October.

Canada and Mexico at present face a 25pc tax on imports not covered by the US-Mexico-Canada free trade agreement. Most of the trade in North America, including in energy commodities, is covered by that agreement. The effective US tariff rate — customs duties collected divided by the value of imports —in May was 4.3pc for Mexico and 1.9pc for Canada, US Department of Commerce data show.

Trump's earlier executive orders carved out tariff exemptions for energy commodities, and those likely will remain on the books.

By Haik Gugarats