Crucial exporters to the US such as Taiwan, the world’s most important semiconductor exporter, will incur steep new levies. Trump also raised tariffs on Canada, an ally and major trading partner, to 35 per cent. India was hit with a rate of 25 per cent and Switzerland with 39 per cent.

Trump says India will pay a tariff of at least 25% India also faces penalty for buying energy from Russia Trump says US and India are still in trade talks US is unveiling trade deals ahead of Aug. 1 tariff hikes Today’s tariffs on India follow a series of trade moves Trump has taken against both the US allies and rivals.