Trump Announces 15-20% Global Tariff Rate

On July 28, former U.S. President Donald Trump announced that most trading partners who do not negotiate separate trade agreements with the United States will soon face tariffs of 15% to 20% on their exports. This is a sharp increase from the 10% tariff he introduced in April.

Speaking to reporters from his luxury golf resort in Turnberry, Scotland, alongside British Prime Minister Keir Starmer, Trump said, "I’d say it will be between 15 and 20 percent—probably one of those two numbers."

Trump, who pledged to eliminate America’s decades-long trade deficit by imposing tariffs on nearly all trading partners, has already announced tariff rates as high as 50% on countries like Brazil. These declarations have triggered urgent trade talks with countries including India, Pakistan, Canada, and Thailand, all seeking lower tariff rates.

On July 27, Trump finalized a major trade agreement with the European Union that includes a 15% tariff on most EU goods, $600 billion in EU investments in the U.S., and $750 billion in energy purchases over the next three years.

Last week, a $550 billion deal was signed with Japan, along with smaller agreements with the UK, Indonesia, and Vietnam. Talks are still ongoing with India and other nations. However, with a deadline set for this Friday before higher tariffs go into effect, the chances of finalizing new deals are quickly shrinking.

Trump reiterated his preference for direct tariff rates over complicated negotiations, saying, “We’re essentially going to set tariffs for the rest of the world. And if they want to trade with the U.S., that’s what they’ll have to accept. You can't sit down and do 200 deals.”

On the same day, Canadian Prime Minister Mark Carney confirmed that trade talks with the U.S. have reached an intensive phase. He acknowledged that Canada still hopes to proceed under a tariff rate lower than the 35% rate declared by Trump on some Canadian imports.