Today, a new wave of reciprocal tariffs announced by the US government is taking effect, impacting a broad range of imported goods from numerous countries. The tariffs, which were revised on July 31, apply to a total of 66 countries, as well as Taiwan and the Falkland Islands. These tariffs are a modified version of a policy originally announced in April, which imposed import taxes of up to 50% on goods from countries with a trade surplus with the US, and a 10% "baseline" tax on most other nations. While the initial announcement triggered significant market volatility, a number of countries have since negotiated separate agreements to avoid the most severe penalties. For instance, the UK agreed to a 10% tariff, while the EU, South Korea, and Japan accepted 15% tariffs. Key sectors, including metals, electronics, and pharmaceuticals, are expected to be particularly affected. The new duties are being implemented under the authority of the International Emergency Economic Powers Act (IEEPA), which President Trump invoked to declare the trade deficit a national emergency.