Mexico welcomes trade talks extension
Mexico welcomed news it was granted a 90-day reprieve on a U.S. boost to tariffs to 30% on many goods, to allow for further negotiations.
“We avoided the increase of tariffs announced for tomorrow and we prevailed with 90 days to build a large-scale agreement based on dialogue,” Mexican President Claudia Sheinbaum Pardo said in a social media update, according to a CNBC translation, citing a phone call with U.S. President Donald Trump.
— Ruxandra Iordache
Swiss government seeks ‘negotiated solution’ to new tariffs
Switzerland is assessing the new situation after it was hit with a new 39% tariff rate under U.S. President Donald Trump’s updated trade regime, the Federal Council said on the X social media platform.
“The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland’s very constructive stance from the outset, the US intends to impose unilateral additional tariffs on imports from Switzerland,” it noted.
The council added that it remains in contact with Washington and will continue pursuing a “negotiated solution.”
— Ruxandra Iordache
How Asian countries have reacted to Trump’s new, rejigged tariffs
In Asia, leaders from Taiwan, Cambodia and Japan have reacted to the new tariff rates from U.S. President Donald Trump, with some expressing optimism over lower levy rates.
Some governments, like those of Japan and Thailand, had also promised support to help businesses cope with the impact of the tariffs.
Australia, which received the lowest tariff of 10%, saw its trade minister reportedly hail this as a “vindication” for the government, adding that the country had conducted diplomacy with the U.S. in a “cool and calm” way.
Read more reactions to the Trump tariffs here.
— Lim Hui Jie, Sophie Kiderlin
New tariff regime
US President Donald Trump has updated tariff rates for a spate of countries, ramping up trade barriers with some of Washington’s closest trading allies.
Among those hit, Canada has been slapped with a 35%, while Switzerland’s rate is now 39%, while Taiwan faces a 20% duty. Trump had previously announced India would be hit with a 25% rate.
All of the newly unveiled tariff rates come into effect from Aug. 7.
Mexico has been granted a 90-day extension as negotiators continue trade talks.
— Michael Considine
