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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On Wednesday, Russia struck a vital gas pumping station in Ukraine’s Odesa region, targeting a key LNG import route from the U.S. and Azerbaijan, Ukrainian officials said, severely undermining winter energy preparations.
Swiss President Karin Keller-Sutter is set to meet U.S. Secretary of State Marco Rubio on Wednesday as Switzerland races to secure a deal that would prevent a severe 39% tariff on its exports to the United States.
Thousands gathered in Hiroshima on Wednesday to mark 80 years since the city was devastated by an atomic bomb, as the mayor warned of the growing threat of nuclear weapons and urged global leaders to reflect on the lessons of the past.
Oil prices rose on Wednesday amid renewed supply concerns following U.S. President Donald Trump’s threat to impose tariffs on India for continuing to purchase oil from Russia.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
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Today, 6th August, marks the inaugural celebration of the International Day of Awareness of the Special Development Needs and Challenges of Landlocked Developing Countries, whose geographic disadvantage hinders their ability to diversify economies, compete effectively, and join global market.
On Wednesday, Russia struck a vital gas pumping station in Ukraine’s Odesa region, targeting a key LNG import route from the U.S. and Azerbaijan, Ukrainian officials said, severely undermining winter energy preparations.
Swiss President Karin Keller-Sutter is set to meet U.S. Secretary of State Marco Rubio on Wednesday as Switzerland races to secure a deal that would prevent a severe 39% tariff on its exports to the United States.
Oil prices rose on Wednesday amid renewed supply concerns following U.S. President Donald Trump’s threat to impose tariffs on India for continuing to purchase oil from Russia.
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