America Tariff Policy

Time：2025-07-24 10:45:55 Browse：81℃

President Trump on Wednesday(July 23th) said that reciprocal tariffs on US trading partners would range from 15% to 50%, with countries the administration views as difficult receiving the higher rate.

 

Previously, Trump had made comments suggesting tariff rates would remain lower, around 10% or 15%.

 

Meanwhile, the US and European Union are closing in on a trade and tariff deal, multiple reports said Wednesday, even as the EU prepared a possible retaliatory package on over $100 billion worth of US goods.

 

The Financial Times reported that the deal would see US tariffs on EU imports dip to 15%, instead of the 30% President Trump has threatened from Aug. 1. Bloomberg reported the 15% tariff rate would apply to "most products."

 

Such a deal would be similar to one Trump announced with Japan on Tuesday, which includes a 15% tariff on imported goods, while the country will invest $550 billion into the US.

 

Earlier on Tuesday, Trump also said the US had also struck a trade deal with the Philippines, which will see the country's imports face a 19% tariff into the US. Trump said US exports will face no import tax in the Philippines as part of the deal.

 

The White House also unveiled new details of a confirmed trade agreement with Indonesia too. Yahoo Finance's Ben Werschkul reported that a 19% tariff will apply to Indonesian goods, as well as a 40% rate on any “transhipped” goods. US officials said no tax would apply to "99%" of US imports.

 

The deal developments come as prospects for larger pacts with India and Canada remain in question. Trump has threatened 25% to 35% tariffs on those larger trade partners.

 

Trump has also said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.

 

Treasury Secretary Scott Bessent on Tuesday said he expected many deals to take shape over the next several days.