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Donald Trump has announced plans for the US to unilaterally set new tariff rates on its trading partners, bypassing the need for individual deals.
During a meeting with business leaders in the United Arab Emirates, Trump stated that new tariffs would be implemented within the next few weeks.
He mentioned that Treasury secretary Scott Bessent and commerce secretary Howard Lutnick would be notifying businesses of the new tariffs they will face when operating in the US.
While acknowledging the interest of “150 countries” in making deals, Trump expressed the challenge of meeting the demands of all parties.
The Trump administration has reduced previously announced tariffs to 10 percent for a 90-day period and has recently made agreements with the UK, China, and is in talks with the EU, Japan, India, and other nations.
This story is still developing