Trump's week in review: Higher tariffs and $200M White House ballroom

By Ryan Foley, Christian Post Reporter Saturday, August 02, 2025

U.S. President Donald Trump holds up a chart of "reciprocal tariffs" while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025, in Washington, D.C. Touting the event as “Liberation Day”, Trump is expected to announce additional tariffs targeting goods imported to the U.S. | Getty Images/Chip Somodevilla

4. Trump announces higher tariffs on over 60 countries

In an executive order issued Thursday, Trump amended his April 2 executive order implementing reciprocal tariffs on trading partners by adjusting the reciprocal tariff rates in several countries effective Aug. 7. While most countries will continue to pay a 10% tariff on imports into the U.S., more than five dozen countries will soon start paying higher tariffs.

Countries that will pay 15% tariffs are: Afghanistan, Angola, Bolivia, Botswana, Cameroon, Chad, Costa Rica, the Democratic Republic of the Congo, Equatorial Guinea, Fiji, Ghana, Guyana, Iceland, the Ivory Coast, Israel, Japan, Jordan, Lesotho, Liechtenstein, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Nauru, New Zealand, Nigeria, North Macedonia, Norway, Papua New Guinea, South Korea, Trinidad and Tobago, Turkey, Uganda, Vanuatu, Venezuela, Zambia and Zimbabwe.

Nicaragua will pay an 18% tariff while Cambodia, Indonesia, Malaysia, Pakistan, the Philippines and Thailand will pay 19% tariffs. Bangladesh, Sri Lanka, Taiwan and Vietnam will see their tariffs increase to 20%, while tariffs will rise to 25% on imports from Brunei, India, Kazakhstan, Moldova and Tunisia. Algeria, Bosnia and Herzegovina, Libya and South Africa will see tariffs on their imports jump to 30%.

Goods from Iraq and Serbia will have a 35% tariff, while a 39% tariff will be levied on goods from Switzerland. Laos and Myanmar will be subject to 40% tariffs, while a 41% tariff will be imposed on goods from Syria. As of Friday afternoon, the Dow Jones Industrial Average, a key indicator in the stock market, had dropped 1.56%, suggesting unease with the new tariffs among investors.