President Trump has issued a warning for smaller countries and those that do not engage in trade negotiations with the U.S.
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“For the world, I would say it’ll be somewhere in the 15% to 20% range,” Trump said in Scotland on Monday, adding that it wasn’t practical to individually sign deals with every country in the world.
That’s a significant step up from the 10% baseline tariff announced by Trump on April 2.
Trump Plans Global Tariff Rate
Last week, Commerce Secretary Howard Lutnick noted that smaller countries in regions like Latin America and Africa would receive a baseline tariff of 10%. However, Trump’s latest comments suggest that rate could potentially double.
Meanwhile, the tariff pause deadline of August 1 is just days away. So far, the U.S. has announced trade agreements with the European Union, China, the United Kingdom, Japan, Vietnam, and others. Key trading partners like Canada, India, and South Korea have yet to strike a deal.
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