The US president has said he plans to send letters informing countries that their tariff rates could be set at 10% or 15%<\/p>\n\n\n\n
US President Donald Trump has announced plans to notify more than 150 countries that they could soon face new tariff rates of 10% or 15%.<\/p>\n\n\n\n
Trump has overhauled US trade policy since returning to office in January, imposing sweeping tariffs to protect domestic industry. His \u201cLiberation Day\u201d package on April 2 introduced a blanket 10% levy on nearly all imports, alongside steeper rates for goods from key partners including China, Mexico, Canada, and the EU. Additional duties on steel, aluminum, and vehicles have pushed average tariffs to historic highs.<\/p>\n\n\n\n
Speaking to reporters at the White House on Wednesday, Trump said, \u201cWe\u2019ll have well over 150 countries that we\u2019re just going to send a notice of payment out, and the notice will state what the tariff rate is going to be.\u201d<\/p>\n\n\n\n
He added that the same rate would apply across the group, noting that most of the countries were \u201cnot big\u201d and \u201cdon\u2019t do that much business\u201d with the US.<\/p>\n\n\n\n
Later on Wednesday, Trump clarified in an interview with the Real America\u2019s Voice broadcaster that the proposed tariff rate would \u201cprobably be 10 or 15%,\u201d although a final decision has not yet been made.<\/p>\n\n\n\n
The move follows a series of aggressive tariff announcements by Trump, who in recent days has launched a wave of trade threats warning that new duties will take effect on August 1 unless trade partners negotiate improved terms with Washington. Notices were reportedly sent to more than 150 countries, extending a prior July 9 deadline by three weeks and setting off a scramble among affected nations to avoid the impending levies.<\/p>\n\n\n\n
US industrial activity has slowed since the reinstatement of sweeping tariffs, and reports from the Institute for Supply Management have cited weaker manufacturing and recurring supply chain bottlenecks.<\/p>\n\n\n\n
According to a survey, companies are in survival mode, absorbing rising costs rather than passing them on. Meanwhile, markets have increasingly discounted Trump\u2019s tough rhetoric after past tariff threats were softened following market volatility. Internal pressure reportedly grew from Treasury and Commerce officials, concerned that the bond market could destabilize if tariffs persisted.<\/p>\n\n\n\n