President Trump announces plan to impose tariffs on 150 countries
President Trump said the US wants to impose a 10-15% import tax on goods from 150 countries.
According to RIA Novosti on July 17, in an interview with Real America's Voice, US President Donald Trump said he plans to impose a 10-15% import tax on goods from 150 countries - small economies.
"We'll release a number for the rest, almost 150 countries. We'll just release a number, and it may be 10 or 15%, we haven't decided yet, it's a big number," President Trump said.
After returning to the White House, President Donald Trump began to tighten trade policy: he imposed import tariffs from Mexico and Canada, increased tariffs on China, and announced tariffs on steel, aluminum, and cars. The culmination was on April 2, when Washington imposed reciprocal import tariffs. The base tariff rate was 10%, but increased tariffs were applied to 57 countries. However, a week later, the whole process was paused and the US began negotiations with many trading partners.
Such trade policies are contributing to a decline in industrial activity in the US and causing severe disruptions in supply chains, according to the Institute for Supply Management. Businesses are struggling to survive, forced to cover the increased costs themselves. However, markets are increasingly ignoring President Trump's tough talk, as he has previously eased sanctions several times after investors reacted harshly.
NBC News, citing an unnamed senior source, reported that the US Treasury and Commerce secretaries urged the president to hold off on tariffs amid panic in the bond market. Local officials also expressed concern that President Trump's decision would spark a new global financial crisis.