US Raises Reciprocal Tariffs, Imposes New Trade Measures Amid Deficit Concerns

President Donald Trump has intensified U.S. trade policy by increasing effective tariff rates, particularly under Section 232 tariffs, with expected rates of 50% on copper and 25% on other goods like pharmaceuticals, while also raising reciprocal tariffs on several countries from 10% to around 20%. New tariffs include a 15% levy on New Zealand exports, an increase from the previously announced 10%, as part of broader efforts to address large and persistent trade deficits that Trump has declared a national emergency. Executive orders have been issued to modify reciprocal tariff rates further, responding to ongoing trade negotiations and security considerations. Additionally, the Trump administration is abolishing the 'de minimis' exemption on low-value shipments, requiring packages valued at or below $800 to incur tariffs starting August 29, accelerating a timeline initially set for 2027, to protect domestic industries. While some exemptions for Mexico and Canada and import substitutions toward lower tariff countries partially offset tariff increases, overall U.S. trade policy is moving toward stricter tariff enforcement and higher trade barriers. Businesses, such as those in Calgary, are watching these developments closely, seeking certainty amid the evolving tariff environment.