US Treasury chief sees 100 countries getting 10% reciprocal tariff
US Treasury Secretary Scott Bessent expects 'a flurry' of trade deals to be announced before a July 9 deadline that could see tariff rates increase sharply.
WASHINGTON - About 100 countries are likely to see a reciprocal tariff rate of 10 per cent, US Treasury Secretary Scott Bessent said on July 3, adding that he expects 'a flurry' of trade deals announced before a July 9 deadline that could see tariff rates increase sharply.
'We'll see how the President wants to treat those who are negotiating, whether he's happy that they're negotiating in good faith,' Mr Bessent told Bloomberg Television.
'I think that we're going to see about 100 countries who just get the minimum 10 per cent reciprocal tariff and we'll go from there. So I think we're going to see a lot of action over the coming days,' Mr Bessent said.
If 10 per cent tariffs were given to 100 countries, that would be fewer than originally envisioned by the Trump administration.
Its original reciprocal tariff list showed 123 jurisdictions that were given a 10 per cent tariff rate - mostly small countries, along with some territories like Australia's uninhabited Heard and McDonald Islands.
Mr Trump in April temporarily reduced the tariff rate for most countries to 10 per cent to allow time for negotiations.
Many countries with an initial 10 per cent duty rate have not had any negotiations with the Trump administration, with the exception of Britain, which
reached a deal in May to keep a 10 per cent rate and won preferential treatment for some sectors including autos and aircraft engines.
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Major trading partners now involved in negotiations with the US could see much higher tariff rates, including 20 per cent for the European Union, 26 per cent for India and 24 per cent for Japan.
Other countries that have not engaged in trade talks with the Trump administration face even higher reciprocal tariffs, including 50 per cent for Lesotho, 47 per cent for Madagascar and 36 per cent for Thailand.
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