US President Donald Trump has unveiled a plan to impose a unified tariff rate on over 150 countries and regions. President Trump told reporters in Washington DC that it is going to be the same for everyone. Those to be covered under the new measure are described by President Trump as not major nations and the ones that do not do much business with the US. Meanwhile, regarding Japan, Mr. Trump said negotiations are underway but expressed doubt about the outcome.
In April, the Trump administration introduced a baseline tariff of ten per cent on economies not covered by bilateral deals. Although Trump has previously suggested the new baseline could be raised to 15 per cent or 20 per cent, he did not specify a new rate yesterday. The US government has already sent letters to about two dozen economies, including the European Union, Japan and South Korea, outlining the tariff rates they will face starting August 1. The announcement has prompted intensified negotiations as affected trading partners seek more favourable terms.
