On Friday, President Trump mentioned that following a 90-day suspension, tariffs would be reduced to just 10%. He indicated that notifications would likely be sent to numerous countries in the near future.
During a discussion at the UAE Roundtable, Trump acknowledged that in early April, there simply wasn’t enough time to meet with all the nations affected by the mutual tariffs. He indicated that Treasury Secretary Scott Bescent and Commerce Secretary Howard Lutnick would soon begin reaching out to these countries.
“In the next two or three weeks, I expect Scott and Howard will be sending letters out. We’re being very fair about this, but we’ll outline what we expect for doing business in the U.S.,” Trump stated.
“They might have the option to contest that, but generally speaking, I believe we’ll be fair,” he remarked. “However, we can’t possibly meet with everyone we’d like to.”
On April 2, the President imposed a 10% tariff on all foreign imports and increased tariffs on several countries with significant trade imbalances with the U.S.
Later, he declared a 90-day suspension on these elevated tariffs to allow for negotiations regarding trade agreements, including deals with the UK and China.
Simultaneously, the President is imposing tariffs on various sectors such as automobiles, steel, and aluminum, and has hinted at potential tariffs on pharmaceuticals as well.
