Trump eyes ‘world tariff’ of 15% to 20% for most countries
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British Prime Minister Keir Starmer (left) and US President Donald Trump meeting at Mr Trump's golf resort in Turnberry, Scotland, on July 28.
PHOTO: EPA
Follow topic:
- President Trump announced potential tariffs of 15-20% on exports to the US for countries without trade deals.
- Approximately 200 countries will be notified of this new "world tariff" rate, impacting global trade relations.
- Some countries are negotiating lower rates, but Trump favours tariffs over complex deals, aiming to reduce US trade deficits.
AI generated
TURNBERRY, Scotland - US President Donald Trump said on July 28 that most trading partners that do not negotiate separate trade deals would soon face tariffs of 15 per cent to 20 per cent on their exports to the US, well above the broad 10 per cent tariff that he imposed in April.
He said his administration will notify some 200 countries soon of their new “world tariff” rate.
“I would say it’ll be somewhere in the 15 per cent to 20 per cent range,” he told reporters, sitting alongside British Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. “Probably one of those two numbers.”
Mr Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50 per cent on some countries, including Brazil, starting on Aug 1.
The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates, including India, Pakistan, Canada and Thailand, among others.
The US President on July 27 clinched a huge trade deal with the European Union
That followed a US$550 billion deal with Japan last week and smaller agreements
Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Aug 1, the deadline for deals before higher rates take effect.
Mr Trump has repeatedly said he favours straightforward tariff rates over complex negotiations.
“We’re going to be setting a tariff for essentially the rest of the world,” he said again on July 28.
“And that’s what they’re going to pay if they want to do business in the United States. Because you can’t sit down and make 200 deals.”
Canadian Prime Minister Mark Carney said on July 28 that trade talks with the US were at an intense phase,
Mr Carney conceded earlier in July that Canada – which sends 75 per cent of its exports to the United States – would likely have to accept some tariffs. REUTERS
