Bangkok, Aug 1 (AP) US President Donald Trump's new tariff rates of up to 41 per cent on US imports from dozens of countries drew expressions of relief Friday from some countries that negotiated a deal or managed to whittle them down from rates announced in April. Others expressed disappointment or frustration over running out of time after hitting Trump's Aug 1 deadline for striking deals with America's trading partners.

The new rates are due to take effect on Aug 7, but uncertainty over what Trump might do next remains. The way ahead for China, which runs the largest trade surplus with the US, is unclear after talks earlier this week in Stockholm produced no deal. Trump has yet to say if he'll extend an Aug 12 pause on painfully high import duties on Chinese products.

The reaction from financial markets was muted. Benchmarks fell in Asia, with South Korea's Kospi dropping nearly 4 per cent after the tariff rate for the US ally was set at 15%. The US dollar weakened against the Japanese yen, trading at more than 150 yen per dollar.

For Canada and Switzerland, regret and disappointment Canadian Prime Minister Mark Carney said his government was disappointed by Trump's move to raise the US tariff on goods from America's northern neighbour to 35 per cent from 25 per cent, effective Friday. Goods transshipped from unspecified other countries face a 40 per cent import duty.

Trump cited what he said was a lack of cooperation in stemming trafficking in illicit drugs across the northern border. He also slammed Canada's plan to recognise a Palestinian state and has expressed frustration with a trade deficit largely due to US oil purchases.

“Canada accounts for only 1 per cent of US fentanyl imports and has been working intensively to further reduce these volumes,” Carney said in a statement.

Many of Canada's exports to the US are covered by the US-Mexico-Canada Agreement and face no tariff. But steel, lumber, aluminum and autos have been subject to still higher tariffs.

Switzerland was reeling after Trump ordered a 39 per cent tariff rate for the land of luxury watches, pharmaceuticals and financial services. That was up from his original proposal of a 31 per cent duty.

“The Federal Council notes with great regret that, despite the progress made in bilateral talks and Switzerland's very constructive stance from the outset, the US intends to impose unilateral additional tariffs on imports from Switzerland,” the government said in a post on X. It said it would continue to seek a negotiated solution.

Still working on it New Zealand officials said Friday they would keep lobbying Trump to cut the 15 per cent tariff he announced for their country's exports to the US, up from the original 10 per cent baseline set in April.

“We don't think this is a good thing. We don't think it's warranted,” Trade Minister Todd McClay told Radio New Zealand. The exporter of meat, dairy, wind and farm machinery ran a USD 1.1 billion trade surplus with the US in 2024, according to US Trade Representative data.

McClay said New Zealand exporters had reported they could absorb a 10 per cent tariff or pass it on to US consumers through increased costs. A further increase would “change the equation,” he said.

Neither New Zealand nor its neighbour Australia have struck tariff deals with the Trump administration. Australian steel and aluminum exports have faced a steep 50 per cent tariff since June.

Australian Trade Minister Don Farrell said the 10 per cent overall tariff on Australia's exports to the United States was a vindication of his government's “cool and calm negotiations.” But he said even that level was not justified. The US exports twice as much to Australia as it imports from its bilateral free trade partner, and Australia imposes no tariffs on US exports.

Japan watches, while Taiwan keeps trying for a deal Japanese Chief Cabinet Secretary Yoshimasa Hayashi was cautious in welcoming Trump's executive order setting Japan's tariff at 15 per cent after the two sides worked out an agreement, much to Tokyo's relief.

“We believe it is necessary to carefully examine the details of the measure," Hayashi said. “The Japanese government will continue to urge the US side to promptly implement measures to carry out the recent agreement, including reducing tariffs on automobiles and auto parts.” Taiwan's President Lai Ching-te said the self-ruled island had yet to engage in final negotiations with the US side owing to scheduling difficulties and that he was hopeful the final tariff rate would be reduced even further after a final round of talks.

The Trump administration lowered its tariff for Taiwan to 20 per cent from the originally proposed 32 per cent. Taiwan is a key supplier of advanced semiconductors needed for many products and technologies.

“20 per cent from the beginning has not been our goal, we hope that in further negotiations we will get a more beneficial and more reasonable tax rate,” Lai told reporters in Taipei Friday.

The US is Taiwan's largest ally even though it does not formally recognise the island. “We want to strengthen US Taiwan cooperation in national security, tech, and multiple areas,” Lai said.

For some trading partners, relief that tariffs are lower than they might be Cambodia's Deputy Prime Minister Sun Chanthol, who led his nation's trade talks with the United States, thanked Trump for setting the tariff rate on Cambodian goods at 19 per cent and said his country will impose zero tariffs on American goods.

The rate for Cambodia that Trump proposed in April was 49 per cent, one of the highest in the world. He said the US estimated average Cambodian tariffs on US exports at 97 per cent.

Cambodia has agreed to up purchases of US goods. Sun said it would purchase 10 passenger aircraft from Boeing in a deal they hoped to sign later this month. Several other nations had already announced similar aircraft purchase deals as part of their trade packages.

Trump had threatened to withhold trade deals from Cambodia and Thailand if they didn't end an armed conflict over border territory. The two nations agreed on a ceasefire that began Tuesday.

Thailand also is subject to a 19 per cent tariff, a rate that its Finance Minister Pichai Chunhavajira said “reflects the strong friendship and close partnership between Thailand and the United States.” That was down from 36 per cent proposed earlier.

"The outcome of this negotiation signals that Thailand must accelerate its adaptation and move forward in building a stable and resilient economy, ready to face global challenges ahead," he said.

For Bangladesh, a new 20 per cent tariff warded off an earlier threat of a 35 per cent import duty for the South Asian exporter of garments and other light manufactured goods. “That's good news for our apparel sector and the millions who depend on it,” said Khalilur Rahman, the country's national security advisor and lead negotiator.

"We've also preserved our global competitiveness and opened up new opportunities to access the world's largest consumer market” Rahman said. “Protecting our apparel industry was a top priority, but we also focused our purchase commitments on US agricultural products. This supports our food security goals and fosters goodwill with US farming states.” (AP) RD RD

Tariff adjustments alter import duties based on bilateral negotiations and conditional cooperation, prompting further talks and market shifts. The executive action sets revised US import duty rates across multiple trading partners, linking differentiated tariffs to the status of bilateral negotiations and conditional cooperation on issues like illicit drug trafficking and security. It preserves higher duties for specified sectors and transshipment controls, while allowing further adjustments through ongoing talks and conditioned tariff relief tied to purchase commitments, market access, or regulatory cooperation.