President Trump set a 10% baseline tariff on April 2, shocking the stock market and trading partners alike. However, that rate could increase by five times for countries that don’t cooperate with the U.S.
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“We’ll have a straight, simple tariff of anywhere between 15% and 50%,” Trump said at an AI summit in Washington, D.C. “We have 50 because we haven’t been getting along with those countries too well.”
U.S. Makes Progress on Trade Deals
Several countries have struck trade deals with the U.S. in recent weeks, avoiding higher tariffs in the process. Yesterday, Trump announced a deal with Japan that would see Japanese goods tariffed at 15%. Japan also agreed to invest $550 billion into the U.S. On the same day, Indonesia signed a deal that would see its goods tariffed at 19%.
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