President Donald Trump announced on Monday that countries without separate trade agreements with the United States could soon face tariffs ranging from 15% to 20%, a sharp increase from the general 10% rate imposed in April.
Speaking alongside UK Prime Minister Keir Starmer at his Turnberry golf resort in Scotland, Trump said the U.S. administration would soon notify around 200 countries of the new 'world tariff' rate. “It’ll probably be one of those two numbers,” he told reporters.
The move is part of Trump’s broader push to eliminate U.S. trade deficits by placing tariffs on nearly all trading partners. He has already imposed tariffs as high as 50% on some countries, including Brazil, which will take effect on Friday.
The sweeping tariff threat has triggered urgent negotiations from several nations- including India, Pakistan, Canada, and Thailand- all hoping to secure more favourable terms.
On Sunday, Trump announced a major trade agreement with the European Union featuring a 15% tariff on most EU exports, $600 billion in European investment in the U.S., and $750 billion in energy purchases over the next three years.
This followed a $550-billion deal with Japan and smaller pacts with Britain, Indonesia, and Vietnam. Negotiations continue with other nations, but with the Friday deadline approaching, chances for additional agreements are narrowing.
Trump emphasised his preference for a simplified tariff system over protracted trade talks. “We’re setting a tariff for essentially the rest of the world,” he said. “That’s what they’ll pay if they want access to the U.S. market. We can’t sit down and make 200 separate deals.”
Canadian Prime Minister Mark Carney said on Monday that talks with Washington were in an intense phase, acknowledging that Canada was still aiming to avoid the 35% tariff recently applied to some of its exports. He admitted that Canada which sends 75% of its exports to the U.S. would likely have to accept a certain level of tariffs.
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Chinese Foreign Minister Wang Yi arrived in New Delhi today for a closely watched round of bilateral discussions with senior Indian leaders, including External Affairs Minister S. Jaishankar and National Security Adviser Ajit Doval.
In Bolivia's first-round presidential election, voters decisively rejected the leftist party that has ruled the country for most of the past two decades, signaling a shift toward more market-friendly policies to address the nation's economic struggles.
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Canada is facing its second-worst wildfire season on record, with 7.8 million hectares already burned, and the fires could persist for weeks, according to federal officials.
A research team led by Tsinghua University has unveiled a groundbreaking method for making organs transparent, offering the most detailed view yet of the brain’s inner workings.
Chinese Foreign Minister Wang Yi arrived in New Delhi today for a closely watched round of bilateral discussions with senior Indian leaders, including External Affairs Minister S. Jaishankar and National Security Adviser Ajit Doval.
In Bolivia's first-round presidential election, voters decisively rejected the leftist party that has ruled the country for most of the past two decades, signaling a shift toward more market-friendly policies to address the nation's economic struggles.
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