Trump tariffs kick-in, Witkoff meets Netanyahu in Israel | Hook News Brief

Hook News Brief | 01.08.25

Trump’s “Modified Reciprocal Tariff Rates” kick-in

With the August 1 deadline here, US President Donald Trump has signed an executive order reimposing “reciprocal tariffs” ranging from 10-41% on US imports from dozens of countries and foreign locations.

In a statement on Thursday titled “Further Modifying the Reciprocal Tariff Rates”, the US listed some 69 trading partners and their respective “adjusted” tariff rates. US-bound exports from major trading partners including the likes of Australia and the UK will be subject to the baseline rate of 10%. Higher rates have been set for other key trading partners including India at 25% and Taiwan at 20% as slow-moving trade deal negotiations continue.

Trump cited the “continued lack of reciprocity in our bilateral trade relationships” for the tariffs in a statement on the White House website.

Trump slaps Canada with higher tariffs, cites “illicit drugs” and Palestine stance as reasons

Meanwhile, Trump intensified his trade war with Canada after signing a separate executive order late on Thursday that increased tariffs on certain Canadian goods from 25% to 35%. The tariff will cover all products not covered by the US-Mexico-Canada trade agreement.

This after the White House accused Ottawa of failing to “cooperate in curbing the ongoing flood of fentanyl and other illicit drugs” entering the US. However, Trump in a typical post to Truth Social said that it will be “very hard to make a deal” with Canada given their decision to recognise the state of Palestine.

Trump warns pharma giants

In other news, Trump has threatened to use “every tool in our arsenal” to crack down on pharmaceutical giants if they fail to cut drug prices for Americans within 60 days.

The US President wrote to executives at 17 companies including the likes of Pfizer, AstraZeneca and GSK, demanding they match their US prices for prescription drugs with the lowest price offered in other developed nations.

US Special Envoy Steve Witkoff meets with Netanyahu in Israel

Shifting focus to the Middle East, US Special Envoy Steve Witkoff is in Israel to meet with Prime Minister Benjamin Netanyahu in a bid to salvage Gaza truce talks and to inspect food distribution.

Shortly after Witkoff's arrival, Trump posted on Truth Social declaring that the fastest way to end the humanitarian crises in Gaza is for Hamas to surrender and release the hostages.

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