Donald Trump announces new 'Liberation Day III' tariff rates for almost 70 countries

Donald Trump's new tariff announcement will affect dozens of countries as the White House's new trade policy will come into force very soon.

Tariffs are essentially additional taxes charged on goods bought from other countries and are a percentage of a product's value.

A 10 percent tariff on a $10 product, for example, will have $1 tax on top - so the importer will have to fork out $11 for it.

And businesses that bring foreign goods into America will have to pay that tax to the Trump's government.

Trump reckons tariffs will encourage consumers in the US to buy more American-made goods, which in theory, would increase the amount of tax raised and boost investment.

He wants to decrease the gap between the value of goods purchased from other countries and those it sells to them, and this is known as the trade deficit.

What are Donald Trump's new tariffs?

Donald Trump's new tariffs affect nearly every country (Andrew Harnik/Getty Images)

So, the White House said in an announcement on Thursday (31 July) that the 'universal' tariff for goods coming into the US will stay at 10 percent, the same level that was implemented on 2 April.

But that rate will only apply to nations with which the US has a trade surplus.

This means that a 15 percent rate will become the new tariff floor for countries with which the US has a trade deficit.

What Trump's tariffs mean for the UK?

Experts say Trump has been kind to the UK (Chip Somodevilla/Getty Images)

The UK has been tariffed at 10 percent, which is five percent less than what the EU countries got.

And in 2024, the US was the UK's largest national trading partner, after Britain exported £196 billion worth of goods, which was 22.5 percent of all exports.

"In principle, the UK is in a more advantageous position than other countries – so there is the potential to benefit from this," Michael Gasiorek, director of the Centre for Inclusive Trade Policy (CITP) told BBC Verify.

"To take advantage of any such tariff differences businesses need to feel reasonably secure that the differences will last. Given the uncertainty surrounding US trade policy, that certainty is currently not there."

“The UK is very well protected. You know why? Because I like them – that’s their ultimate protection,” Trump told reporters last month.

He added: “The prime minister has done a great job. I want to just tell that to the people of the United Kingdom. He’s done a very, very good job. He’s done what other people, they’ve been talking about this deal for six years, and he’s done what they haven’t been able to do. So he’s done really a very good job.”

The new tariffs will be implemented on 7 August.

Full list of countries with new tariffs

Afghanistan – 15%

Algeria – 30%

Angola – 15%

Bangladesh – 20%

Bolivia – 15%

Bosnia and Herzegovina – 30%

Botswana – 15%

Brazil – 10%

Brunei – 25%

Cambodia – 19%

Cameroon – 15%

Chad – 15%

Costa Rica – 15%

Côte d`Ivoire – 15%

Democratic Republic of the Congo – 15%

Ecuador – 15%

Equatorial Guinea – 15%

European Union: Goods with Column 1 Duty Rate > 15%* – 0%

European Union: Goods with Column 1 Duty Rate < 15%** – 15%

Falkland Islands – 10%

Fiji – 15%

Ghana – 15%

Guyana – 15%

Iceland – 15%

India – 25%

Indonesia – 19%

Iraq – 35%

Israel – 15%

Japan – 15%

Jordan – 15%

Kazakhstan – 25%

Laos – 40%

Lesotho – 15%

Libya – 30%

Liechtenstein – 15%

Madagascar – 15%

Malawi – 15%

Malaysia – 19%

Mauritius – 15%

Moldova – 25%

Mozambique – 15%

Myanmar (Burma) – 40%

Namibia – 15%

Nauru – 15%

New Zealand – 15%

Nicaragua – 18%

Nigeria – 15%

North Macedonia – 15%

Norway – 15%

Pakistan – 19%

Papua New Guinea – 15%

Philippines – 19%

Serbia – 35%

South Africa – 30%

South Korea – 15%

Sri Lanka – 20%

Switzerland – 39%

Syria – 41%

Taiwan – 20%

Thailand – 19%

Trinidad and Tobago – 15%

Tunisia– 25%

Turkey – 15%

Uganda – 15%

United Kingdom – 10%

Vanuatu – 15%

Venezuela – 15%

Vietnam – 20%

Zambia – 15%

Zimbabwe – 15%