 "Trump likely to impose 10-15% tariff rates for more than 150 countries")
US President Donald Trump on Wednesday (local time) said that he would be sending out letters to more than 150 nations, informing them of their new tariff rates, which could range from 10 per cent or 15 per cent, Bloomberg reported.
Speaking to journalists at the White House, Trump said, “We’ll have well over 150 countries that we’re just going to send a notice of payment out, and the notice of payment is going to say what the tariff rate will be.”
He further said, “It’s all going to be the same for everyone, for that group,” stating that the trading partners that would be receiving these letters were “not big countries, and they don’t do much for business.”
In an interview with Real America’s Voice on Wednesday, Trump said that his administration has not yet decided on the rate, adding that it would probably be 10 or 15 per cent.
US-Europe deal in the pipeline?
During his interview, Trump reiterated that the US is very close to finalise a deal with India soon. He further added that an agreement with Europe is also likely. He said, “We could make a deal possibly with Europe. You know, it’s, I’m very indifferent to it.”
His comments on a possible deal with Europe come as the European Union’s trade chief, Maros Sefcovic, was headed to Washington for tariff discussions. Speaking on a deal with the European Union, Trump said, “(The) European Union has been brutal, and now they’re being very nice. They want to make a deal, and it’ll be a lot different than the deal that we’ve had for years.”
It was previously reported that Trump threatened a 30 per cent tariff on imports from the European Union from August 1, a level which, according to Europe, is unacceptable and would end normal trade between two of the world’s largest markets.
25 per cent tariff for Japan
On Wednesday, Trump announced that the US will probably “live by the letter” on tariffs with Japan. Trump imposed 25 per cent tariffs on Japan on July 7, which will take effect on August 1. Trump cited persistent trade deficits and “unfair” practices as he announced a new tariff rate for Japan and South Korea. He announced the new tariff rates by posting letters addressed to the leaders of the two countries, warning the countries against retaliatory measures.
US-Canada trade deal
When asked about a deal with Canada, which, like the European Union, is preparing countermeasures, if the talks with the US fail, Trump said, “Too soon to say.”
His remarks on Canada come after Canadian Prime Minister Mark Carney on Tuesday (local time) said that there is little evidence Ottawa can secure a deal with the US that avoids tariffs. Carney’s recent statement marks a shift from the more hopeful tone his government had maintained in the last few months.
US-India trade deal
On Wednesday, Trump reiterated that the US is “very close to a deal with India”. This comes after he suggested on Tuesday that the US could soon gain access to the Indian market. He said, “We’ve made deals with a lot of great places. We have another one coming up — maybe with India. I don’t know, we’re in negotiation. When I send out a letter, that’s a deal.”
His remarks come at a time when a team from India’s Commerce Ministry is in Washington to negotiate a proposed Bilateral Trade Agreement (BTA) ahead of the August 1 deadline.