U.S. President Donald Trump has unveiled a sweeping set of “reciprocal” import duties ranging from 10% to 41% on almost 70 countries, introducing the steepest U.S. tariff regime since the 1930s. Announced by executive order on 1 August, the measures are scheduled to take effect on 7 August unless individual governments strike separate agreements with Washington. The order raises tariffs to 39% on goods from Switzerland, 35% on Canada, 25% on India and 20% on Taiwan, while most European Union and South Korean products will face a 15% duty. A baseline 10% levy will apply to all other imports, and selected Brazilian goods will be hit with a 50% rate. Mexico secured a 90-day reprieve, and China faces a separate deadline on 12 August. The White House said the move targets trade imbalances and national-security concerns. Financial markets recoiled. The Dow Jones Industrial Average fell 1.23% to 43,588.58, the S&P 500 dropped 1.6% and the Nasdaq Composite lost 2.24%; Europe’s STOXX 600 slid 1.89%. Capital Economics estimates the changes will lift the effective U.S. tariff rate to about 18%, up from 2.3% a year earlier. Governments from Switzerland to India signalled they will seek talks to avert the higher duties, warning that the policy shift could disrupt supply chains and add to global inflation pressures.