More than 150 nations will be informed of their tariff rates in a single letter, according to President Trump’s Wednesday statement.
In a meeting with Crown Prince Salman bin Hamad Al Khalifa of Bahrain at the White House, Trump informed reporters, “It’s going to be the same for everyone, for that group.”. They aren’t major trading partners, and they’re not very large countries either. Unlike the ones we’ve already reached agreements with, such as China and Japan.
Trump established a 10% baseline tax in April, and all nations are now paying it. Trump did not specify a duty rate on Wednesday, although he has hinted that the new baseline may be between fifteen and twenty percent in the past.
About twenty letters have already been written by Trump to various trading partners, including the EU, Japan, and South Korea, to alert them of the tariff rate that would be in place beginning August 1.
This has triggered the last round of discussions, which will be quite contentious as the targeted nations attempt to convince Trump to provide them a better deal.
Meanwhile, many are still skeptical about whether or not the increased tariff rates will go into force on August 1. This is due to concerns over the impact on the economy and, in the end, Trump’s support ratings.
Still waiting to hear back from Taiwan, Switzerland, and India—three countries that contributed more than 3% to the total U.S. trade deficit in 2024.
After first stating, “We have another [deal] coming up, maybe with India,” Trump then offered conflicting signals on Wednesday on a possible agreement with India. I am uncertain. We’ve entered into a negotiation. Meanwhile, he added: “We’re very close to a deal with India, where they open up.”
Despite Trump’s threats of a 25% tax on Japan, a key trade partner, he stated that negotiations are ongoing and that he did not expect an agreement to be struck. “I really believe we’ll adhere strictly to the rules with Japan,” he stated.
