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“We’ll probably set one tariff for all of them,” Trump said,
adding that it could be “a little over 10% tariff” on goods from
at least 100 nations.
Commerce Secretary Howard Lutnick interjected that the nations
with goods being taxed at these rates would be in Africa and the
Caribbean, places that generally do relatively modest levels of
trade with the U.S. and would be relatively insignificant for
addressing Trump's goals of reducing trade imbalances with the
rest of the world.
The president had this month been posting letters to roughly two
dozen countries and the European Union that simply levied a
tariff rate to be charged starting Aug. 1.
Those countries generally faced tax rates on the goods close to
the April 2 rates announced by the U.S. president, whose rollout
of historically high import taxes for the U.S. caused financial
markets to panic and led to Trump setting a 90-day negotiating
period that expired July 9.
Trump also said he would “probably” announce tariffs on
pharmaceutical drugs at the “end of the month.”
The president said he would start out at a lower tariff rate and
give companies a year to build domestic factories before they
faced higher import tax rates. Trump said computer chips would
face a similar style of tariffs.
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