Trump contemplates reinstating sweeping tariffs
Speaking to reporters, Trump said “10 or 12” notification letters would be sent immediately, with more to follow in the coming days. He indicated that tariffs could range from 10% to as high as 60 or 70%, depending on the country and product. Smaller nations would receive notices later, with tariffs taking effect starting August 1. Trump described the measures as costly but framed them as a bargain for the US, declining to specify which countries or industries would be affected. He also ruled out extending the talks.
So far, the US has struck agreements with the UK and Vietnam and reached a temporary truce with China after a trade war disrupted global markets. Treasury Secretary Scott Bessent mentioned that Washington is close to a framework deal with the EU, which could prevent 50% tariffs on EU exports next week. Trump has criticized the EU for unfair trade practices, blaming their regulations for the trade imbalance. However, EU trade ministers have voiced dissatisfaction with the UK-US deal, which maintains a 10% baseline tariff on British goods but reduces tariffs on steel and cars, warning of potential retaliation without better terms.
Bessent noted that about 100 countries could face a minimum 10% tariff, though more trade deals might emerge soon. Meanwhile, the OECD cautioned that these tariffs risk disrupting global supply chains and could reduce global economic growth to 2.9% through 2026.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
