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The Trump administration introduced a number of new customs duties on 31 July 2025 through Presidential Proclamation titled “Further Modifying the Reciprocal Tariff Rates”. These measures constitute a continuation of the “Liberation Day” tariffs announced on 2 April 2025 and comprehensively redefine differentiated tariff rates applied against countries with trade deficits. Under the new tariff regime, special tariff rates have been set for 69 countries ranging from 10% to 41%. A universal tariff