Trump eyes 10-15pct tariffs across more than 150 nations

United States President Donald Trump announced plans to issue formal notifications to more than 150 nations regarding proposed tariff rates of between 10 and 15 percent, as part of his trade policy initiative.

“We’ll have well over 150 countries that we’re just going to send a notice of payment out, and the notice of payment is going to say what the tariff rate will be,” Bloomberg reported Trump telling reporters at the White House yesterday.

He reportedly said the trading partners that would receive those letters were “not big countries, and they don’t do that much business.”

Bloomberg reported that in an interview with TV channel Real America’s Voice the same day, Trump said the rate would “be probably 10 or 15 percent, we haven’t decided yet.”

The report stated that Trump and his advisers originally hoped to secure multiple deals, but he has been championing the tariff letters themselves as “deals” while indicating disinterest in lengthy negotiations.

However, he was said to have left space for countries to strike agreements that might reduce those rates.

“We could make a deal, possibly with Europe. You know, it’s, I’m very indifferent to it,” Trump was quoted as saying in the Real America’s Voice interview, purportedly suggesting that the letter he sent to the European Union (EU) was a deal in itself.

The rates implemented so far largely mirror what Trump initially announced in April before swiftly shelving them amid market turbulence.

Bloomberg reported that the letters have, however, injected further uncertainty into financial markets and surprised partners such as the EU, which had been hoping to conclude tentative deals with the US.

Malaysia’s negotiations

Meanwhile, a blanket 25 percent tariff on all Malaysian products was announced by the US on July 8, which would come into effect Aug 1.

This would be separate from existing sectoral tariffs and is one percent higher than the rate announced in April.

Explaining Trump’s move, Investment, Trade, and Industry Minister Tengku Zafrul Abdul Aziz admitted that tariff negotiations with the US are complex and require certain sacrifices.

“However, our goal remains clear - to ensure market access for our exports, modernise our economy, and protect Malaysians’ livelihoods in the long term,” said Zafrul, who led Malaysia’s tariff negotiations with the US.

He stressed that negotiations over the matter should not be viewed as a failure, as discussions are still progressing constructively.

He added that the issue is not about failed negotiations or a crisis faced by Malaysia and the world, but is a part of global trade dynamics.

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