If you're anyone other than President Donald Trump, there's a good chance you're sick of the word tariff. I know I am. Well, sorry to be the bearer of bad news (and words) because, on July 31, an executive order was signed to impose 'reciprocal tariffs' on a whole host of countries. Though Malaysian pharmaceuticals and semiconductors are exempt, the same has not been announced for Taiwan, which produces much of the world's semiconductor supply.
In an executive order entitled "Further modifying the reciprocal tariff rates", Donald Trump announces an amendment to Executive Order 14257, which was signed on April 2, 2025. Citing these original tariffs, the executive order says, "I found that conditions reflected in large and persistent annual U.S. goods trade deficits constitute an unusual and extraordinary threat to the national security and economy of the United States". It continues: "I declared a national emergency with respect to that threat".
