President Signs Executive Order Adjusting Tariff Rates
July 8, 2025 | The Toy Association is alerting members of an Executive Order signed yesterday by President Trump, extending and adjusting tariff rates for several countries.
Key details are below:
- Tariffs Extended: The suspension of country-specific reciprocal tariff rates has been extended until August 1 (the suspension was originally set to expire July 9). The 10% baseline reciprocal tariff rate currently in effect will continue to apply in the meantime.
- New Tariff Rates Effective August 1: President Trump also sent letters to many countries informing them of their new, country-specific reciprocal tariff rates, which will take effect on August 1. Some countries will face higher tariffs than those announced in April; others may see slight reductions.
Rates for countries that received letters from the President (countries impacting toymakers in bold):
- Malaysia – 25%
- Myanmar – 40%
- Cambodia – 36%
- Thailand – 36%
- Indonesia – 32%
- Bangladesh – 35%
- Laos – 40%
- Japan – 25%
- Korea – 25%
- South Africa – 30%
- Kazakhstan – 25%
- Tunisia – 25%
- Bosnia and Herzegovina – 30%
- Serbia – 35%
Additional tariff letters may be issued in the coming weeks; The Toy Association will keep members informed of developments on this critical matter.