_closeup.webp)
Washington, D.C. – July 31, 2025
On Wednesday evening, the White House announced a new executive order that puts tariffs between 10% and 41% on dozens of countries. One of the biggest changes is for Canada, America’s second-largest trading partner, which will now face a 35% tariff, up from 25%.
The announcement came from Washington, D.C. The new tariffs are set to start on August 7, 2025, after being pushed back from the original August 1 date to give U.S. Customs and Border Protection time to prepare.
Richard Quest Slams the Deals
CNN anchor Richard Quest, speaking live from New York on his show Quest Means Business, criticized the agreements and called them “mostly garbage.”
“These are not real trade deals. They are just big headline numbers with no way to enforce them. Real trade agreements take months or years to negotiate. This is just political theater,” Quest said.
Key Facts About the Order
- Announcement date: July 31, 2025
- Location: White House, Washington, D.C.
- Tariffs: 10% to 41% on many countries
- Canada’s new rate: 35%
- Start date: August 7, 2025
Political and Economic Reactions
- Sen. Chris Coons (D-Delaware): Warned that tariffs act as “a tax that American consumers pay,” predicting higher prices and more inflation if the tariffs are enforced.
- Canadian leaders: The Premier of Ontario called the move “deeply concerning,” warning of damage to cross-border trade.
- U.S. Commerce Department: Said the order sets 15% as the minimum tariff for any country with a trade deficit with the U.S.
Global Impact
The tariffs hit major partners such as Canada, the European Union, Brazil, South Korea, Vietnam, and Taiwan, many of which now face double-digit increases. Economists say this could raise the cost of everyday goods, including building materials like Canadian lumber and Mexican drywall, as well as imported food.
Market Reaction
Asian markets fell right after the announcement:
- Japan’s Nikkei index dropped immediately.
- South Korea’s Kospi index fell more than 3%, even though Seoul recently agreed to invest billions in U.S. manufacturing.
The Bigger Picture
Analysts say this move shows President Trump’s long-standing belief in using tariffs as a main tool of foreign policy. Critics argue that while the order makes headlines with big numbers, the lack of real agreements or enforcement plans raises doubts about whether these trade deals will ever actually happen.