Trump Says Reciprocal Tariff Rates Will Range Between 15% and 50%
President Donald Trump, speaking at an event on artificial intelligence July 23, told the audience that for countries that are smaller trading partners, there will be a tariff imposed on their goods between 15% and 50%.
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Previously, Trump had said he was considering tariffs of either 10% or 15% on small countries. Some have trade surpluses with the U.S., and therefore received a 10% tariff on Liberation Day; others had high tariffs if they sold more to the U.S. than they bought.
"We have numerous countries that have opened their doors, just made some incredible transactions, but we're going to have a very, very simple tariff for some of the countries. There's so many countries you can't negotiate deals with everyone," he said. "So we'll have a straight, simple tariff of anywhere between 15% and 50%, a couple we have 15% because we haven't been getting along with those countries too well, so we just say, let's pay 50. And that's the way it is."