The Trump administration will impose much higher tariff rates for exports from dozens of countries next week, scrapping a system of levies that the United States has had in place for decades.
The president stopped short of putting a 50 percent tariff on refined copper, as he had threatened earlier this year. The market reaction was swift anyway and prices tumbled.
A copper refinery in Montreal earlier this month. President Trump’s executive order imposes a 50 percent tariff on certain imported products made with copper.
The president said Wednesday that imports from India would be subject to a 25 percent tariff as of Friday, as trade talks between the countries hit a stumbling block.
Jamieson Greer, left, the U.S. trade representative, and Treasury Secretary Scott Bessent met for trade talks in May with He Lifeng, China’s vice premier for economic policy, in Geneva. The delegations will meet again this week in Sweden.
The United States and the European Union agreed to a 15 percent base tariff after weeks of negotiations, which were among the Trump administration’s most difficult discussions.
President Trump will decide how to use the $550 billion that the Japanese government agreed to invest as part of its trade deal with the United States.
The key to clinching a trade deal between the United States and Japan appeared to be President Trump’s agreement to lower tariffs for Japanese cars to 15 percent, a rate that would have been shocking not long ago.
The administration provided some insight into the terms that were agreed upon between Indonesia and the United States, hinting at how other vague and hastily negotiated deals may turn out.
President Trump announced that he had secured a deal with the country that will leave a 19 percent tariff in place, though no details were immediately available.
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