US President Donald Trump has said to impose more than 10 percent tariffs on small countries. On Tuesday, Trump said that we plan to impose this tariff on all small countries including Africa and Caribbean. According to the news of AP, he said that we will probably put the same tariff for everyone. He further said that it may apply a little more than 10 percent tariff on goods in at least 100 countries.
The reason is low level trade with America
According to the news, Commerce Secretary Howard Lutnik intervened that countries which will be taxed on these rates will be from Africa and Caribbean, who usually do relatively low -level trade with the US and would be relatively insignificant to meet Trump’s goals to reduce trade imbalances with the rest of the world. The President is sending letters to about two dozen countries and the European Union this month, which has announced the tariff rate to be implemented from 1 August.
Announcement of tariff on medicines at the end of the month
Such small countries usually have to face tariff rates on goods around the rates of April 2 declared by the US President. The US President’s historically high imports for the US created panic in the financial markets and Trump set a 90 -day conversation period, which ended on 9 July. Trump also said that he would probably announce tariffs on medicines at the end of the month.
The President said that he would start at a low tariff rate and would give companies one year to build a domestic factory before facing high import tax rates. Trump said that a similar tariff will be faced on computer chips.
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