President Trump stated on Friday that the administration would soon begin informing numerous countries about the specific tariffs they will be required to pay for exporting goods to the United States. He indicated that individual trade negotiations have been progressing too slowly, prompting the move to set general tariff rates.
“We have, at the same time, 150 countries that want to make a deal, but you’re not able to see that many countries,” Trump said during a business roundtable event in Abu Dhabi, the capital of the United Arab Emirates.
“So at a certain point, over the next two to three weeks, I think [Treasury Secretary] Scott [Bessent] and [Commerce Secretary] Howard [Lutnick] will be sending letters out, essentially telling people –- we’ll be very fair –- but we’ll be telling people what they’ll be paying to do business in the United States.”
The 78-year-old president originally rolled out a broad package of tariffs on April 2, targeting a wide swath of nations and arguing that the fees were being calculated to reflect the trade barriers those same countries impose on American goods.
Just one week later, on April 9, he suspended the implementation of most of those tariffs for a 90-day period to allow trade talks to advance, but he kept a flat 10% tariff active for all countries aside from China.
Since then, Washington has announced preliminary understandings with the United Kingdom and China. Under the UK arrangement, the 10% tariff remains, but the British market will now accept more American agricultural imports. In the agreement with Beijing, the U.S. reduced its tariff on Chinese exports to 30%, while China dropped its duties on U.S. products to 10%.
Additionally, part of the UK pact shields 100,000 British-manufactured cars from a planned 25% auto tariff, applying the 10% rate instead. The agreement also removes duties on UK aviation components, including Rolls-Royce engines.
Trump praised progress with Beijing and described the current ties with China in positive terms. “I’ll speak with President Xi [Jinping] maybe at the end of the week,” Trump said on May 12, emphasizing, “to me, the biggest thing that came out of that meeting is they’ve agreed — now we have to get it papered — but they’ve agreed to open up China.”
Despite those developments, the higher 25% tariffs on vehicles, as well as steel and aluminum, will remain in effect for Chinese goods.
Peter Navarro, the White House trade adviser, told reporters earlier this month that US Trade Representative Jamieson Greer is already booked through July with trade meetings, indicating more agreements are in the works.
According to administration sources, the terms struck with the UK — especially the 10% tariff — will act as a benchmark for other nations seeking to make similar arrangements. Commerce Secretary Howard Lutnick emphasized this during a May 11 interview on CNN’s “State of the Union,” saying the 10% rate will likely remain standard “for the foreseeable future.”
{Matzav.com}