 "Trump raises base tariff to 15%, hints at 50% cap ahead of Aug 1 deadline")
US President Donald Trump announced that there will be a baseline tariff starting at 15 per cent and going up to 50 per cent on all imports, during an artificial intelligence summit in Washington on Wednesday (local time).
“We’ll have a straight, simple tariff of anywhere between 15 and 50 per cent,” Trump said, adding that countries with which the US has strained diplomatic ties could face duties at the higher end of the range.
Trump administration confirms August 1 deadline
The announcement comes just days before the revised rates are set to take effect on August 1, and
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