Trump reiterates plan for a minimum 10% tariff baseline
Rebootin' Trade: Trump's 10% Tariff Baseline - With a Twist
For the folks trying to get their goods into the US, President Trump's got some news: a minimum 10% tariff baseline on imports. But, there might be a couple of exceptions... if a country does something really special for us, Trump tells reporters. So, what exactly qualifies as "exceptional"? Well, ol' Donny wasn't too forthcoming on the details, but you can bet your bottom dollar he'll let us know when the time's right.
In mid-April, the 10% baseline tariff hit the scene as part of the "Liberation Day" tariffs. There are a handful of countries facing steeper tariffs—ranging from 25% to a whopping 60%—based on their past trade practices. Trump's given those countries some breathing room, pausing the higher, country-specific tariffs for a cool 90 days to allow for negotiations.
At the moment, there are around 70 countries eager to shower the US with tariff terms so they can score some sweet exemptions or better rates. It's quite the flirty game! But unless a country steps up its game and does something "extraordinary" for the US, Donald's not budging.
Over in global politics land, the leaders of China and Russia have been getting cozy, with Xi Jinping and Vladimir Putin issuing a joint statement defending North Korea. In the spokesperson's words, this continued cooperation will only add fuel to the fire and make our world less stable, less secure, and less prosperous. So, let's keep our fingers crossed that the US can strike a fair deal with its trading partners and put a little more cash in our pockets, shall we?
Tariff Tidbits:
- The 10% baseline tariff is really close to the floor tariff rate, but there might be a few exceptions depending on whether a country does something "exceptional" for the US.
- The 10% baseline tariff came into effect on April 5, 2025, as part of the "Liberation Day" tariffs.
- Some countries are facing higher tariffs based on their past trade practices.
- Donald Trump has paused higher, country-specific tariffs (e.g., 25% duties on South Korea) for 90 days to allow for negotiations.
- Around 70 countries have expressed interest in negotiating tariff terms with the US, suggesting possible exemptions or reduced rates might be granted through bilateral deals.
- President Trump had announced a 10% tariff baseline as a minimum for imports, but exceptions might occur if a country performs exceptionally well in trade with the US.
- The 10% baseline tariff was implemented on April 5, 2025, as part of the "Liberation Day" tariffs, while some countries face steeper tariffs due to their past trade practices.
- To negotiate for better tariff rates or possible exemptions, about 70 countries have shown interest, aiming to outperform the others in their relationship with the US.
- Donald Trump has temporarily suspended the steeper, country-specific tariffs (such as the 25% duties on South Korea) to allow for 90 days of negotiations with these countries.
