President Donald Trump said in an interview with NBC News on 10/7, "We're going to be announcing that all other countries are going to be paying tariffs, it could be 20%, it could be 15%. We're negotiating right now". The current general import tariff for all US trading partners is 10%.
This week, Trump publicized 23 tariff notices sent to various countries. Brazil faces the highest rate at 50%. The president also signed an executive order imposing a 50% import tariff on copper starting next month.
"Not everybody is going to get a letter. You understand. We're going to set tariffs on them", he said on NBC News, revealing that Canada and the European Union (EU) would receive letters "today or tomorrow".
Following the interview, Trump announced a 35% tariff on Canadian goods entering the US. This is higher than the current 25% tariff most Canadian goods face.
"I think the tariffs are being received very positively. The stock market just hit another new high today", Trump stated.
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US President Donald Trump at the White House on 27/6. Photo: AP |
US President Donald Trump at the White House on 27/6. Photo: AP
Both the S&P 500 and Nasdaq Composite reached record highs at the close of trading on 10/7. Analysts suggest that investors are less worried about trade tensions. However, these indices experienced significant volatility in early April when Trump first announced retaliatory tariffs.
Previously, US officials pledged to complete "90 deals in 90 days". However, they have only announced framework agreements with the UK, China, and Vietnam. On 3/7, Trump acknowledged the complexities of negotiating with over 170 countries. He prefers that most economies simply receive tariff notices, bypassing detailed negotiations.
In the 10/7 interview, Trump also dismissed recent warnings from Hasbro's CEO that toy prices might increase this year due to import tariffs. "If you look at the recent numbers, you'll see that inflation is coming down", he explained. Data from the US Bureau of Labor Statistics indicates that inflation has gradually decreased since the pandemic but remains above 2.3%.
"I don't care about Hasbro's pricing. But if they made their toys here, they wouldn't have to raise their prices", Trump said.
Ha Thu (NBC, Reuters)
