President Trump announced plans to implement tariffs exceeding 10% on smaller countries, specifically targeting nations in Africa and the Caribbean. He suggested establishing a singular tariff applicable to around 100 nations. Commerce Secretary Howard Lutnick pointed out that these nations engage in limited trade with the U.S., thus having minimal impact on reducing trade imbalances. Trump is also working on tariffs for pharmaceutical goods and computer chips, beginning with lower rates to provide companies a year to prepare for increased import taxes.
President Trump plans to impose tariffs of over 10% on smaller nations, particularly in Africa and the Caribbean, aiming to reduce trade imbalances.
Commerce Secretary Howard Lutnick noted that the targeted countries generally trade modestly with the U.S., making the impact on trade imbalances minimal.
Trump indicated that there would be a tariff rate announced in August for about two dozen countries, aligning closely with previously set rates.
The president is also considering tariffs on pharmaceutical drugs and computer chips, initially starting with lower rates to allow companies time to adjust.
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