Trump says global tariff rates likely to be set at 15% to 20%

The comment comes days before the August 1 deadline Trump has set for countries to finalise bilateral trade agreements with Washington. The proposal would increase the default tariff from the 10 per cent rate announced earlier this year.

Tariff system for non-trade partners

Trump said the US cannot negotiate separate deals with every country and needs a single, consistent tariff for those without agreements.

“We’re going to be setting a tariff for essentially the rest of the world,” he said. “You can’t sit down and make 200 deals.”

He added that the plan was not meant to punish countries but to simplify US trade policy.

Recent trade deals with Asia and Europe

The US has recently finalised deals with Japan, Indonesia, and the Philippines, Trump said, noting that these countries had previously restricted American imports.

“Japan opened up to our cars, even to rice. That was a big deal,” Trump said. “The Philippines was very closed now it’s open.”

He said the US is still negotiating with China and hopes the talks lead to greater access for American goods. “We’re dealing with China right now, as we speak. They’re tough, smart negotiators,” he said.

Trump confirmed that a 15 per cent tariff had already been agreed for Japanese imports, and a similar rate will apply to most goods from the European Union.

Steel, aluminium, and domestic production

The president also addressed concerns about American producers, saying the US still relies on global imports but is working to boost domestic output.

“We buy a lot of aluminium from right here and a lot of steel too. But we’re going to make our own steel, and our own aluminium, for the most part,” he said.

Asked about when specific tariffs on aluminium would be reduced from 25%, Trump said the administration would decide “pretty soon”.