US Edition
Commerce Secretary Says US Still Eyeing 10 Percent Baseline Tariff
UNITED STATES, JUL 20 – President Trump aims to protect U.S. manufacturing and reduce foreign reliance by imposing tariffs of up to 50% on imports from multiple countries, affecting key sectors and trade relations.
- President Donald Trump announced new tariffs on trading partners effective August 1, 2025, following letters sent to world leaders earlier this month.
- The tariffs rely on two laws, including Section 232 from a 1962 trade act, targeting steel, aluminum, pharmaceuticals, and affecting allies and adversaries alike amid ongoing trade tensions.
- Commerce Secretary Howard Lutnick stated small countries face 10 percent baseline tariffs, while larger economies must choose to open markets or pay higher tariffs, with negotiations remaining open after the deadline.
- Lutnick projected that tariffs and trade deals could create $300 to $400 billion in export opportunities and up to 1.5 percent GDP growth, though experts note potential inflation and legal challenges remain.
- The tariffs may reshape U.S. trade balances and manufacturing jobs, but public opinion shows majority opposition, and retaliatory measures from the European Union threaten escalation.
123 Articles
123 Articles
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