Trump hints at 10-15% tariff on over 150 smaller nations, ETCFO
President Donald Trump stated in an interview aired Wednesday that he plans to ship letters to over 150 smaller nations, informing them of potential new tariffs on items shipped to the US.
The proposed duties may vary between 10% and 15%, the two-time president stated throughout an interview with Actual America’s Voice broadcast, in response to a Bloomberg report.
The US President then instructed reporters on the White Home on Wednesday that the choice on the ultimate price was nonetheless pending.
“We’ll have effectively over 150 nations that we’re simply going to ship a discover of fee out,” Trump stated. “The discover of fee goes to say what the tariff price will probably be.”
Trump’s shock announcement comes amid a streak of tariff slaps on a number of nations like 50% on Brazil, 19% on Vietnam, 25% on Canada, and 30% on the European Union amongst different tariffs reminiscent of the bottom 10% and tariffs on pharmaceutical and auto imports.
Bloomberg famous that the plan mirrors related threats made by Trump in April, which had been later paused after inflicting market turbulence.
Because the clock ticks in direction of the August 1 deadline — when Trump’s sweeping April 2 reciprocal tariffs are set to kick in after a postponement, many nations are dashing to ink commerce agreements with the US.
The announcement has seemingly caught a number of nations off guard—together with these within the European Union, which had been hoping to conclude commerce preparations with Washington quickly.
India prone to keep away from steep tariffs—for now
In the meantime, India seems to be in a greater place, with Reuters citing Trump as saying {that a} bilateral take care of New Delhi is “very shut.”
Whereas no particular particulars had been supplied concerning the content material or scope of the settlement, a profitable deal may protect India from the blanket tariff notices being issued to over 150 nations.
An ET report had famous that the 2 nations have concluded mini commerce talks and are within the strategy of shifting onto bigger points.
“There will probably be an interim deal first, be it first tranche or second tranche, earlier than a BTA,” an official instructed ET. “We’ll shut a number of offers as and once they finalise. We will probably be doing our job. Relaxation we’ll go away to others,” the official stated, with out elaborating.
Trump had stated on Wednesday that the commerce settlement with India is prone to be on the identical strains as that of lately signed with Vietnam for 19% tariffs on all imports.
This is able to counsel that New Delhi too can be topic to greater than the ten% base tariffs set on April 2.
The event might also ease strain on Indian exporters, notably in sectors like prescription drugs and agricultural items, which have been intently watching the escalating US tariff bulletins.
