Treasury Secretary Scott Bessent told Bloomberg Television that about 100 countries are likely to see a reciprocal tariff rate of 10 per cent and predicted a “flurry” of trade deals announced before a Jul 9 deadline when tariffs could rise sharply.
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 would be given a 10 per cent tariff rate – mostly small countries, along with some territories such as Australia’s uninhabited Heard and McDonald Islands.
Trump sent markets into a tailspin on Apr 2 with sweeping reciprocal tariff rates ranging from 10 per cent to 50 per cent, although he temporarily reduced the tariff rate for most countries to 10 per cent to allow time for negotiations through July9.
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.
Major trading partners now involved in negotiations were hit with 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 the tiny mountain kingdom of Lesotho, 47 per cent for Madagascar and 36 per cent for Thailand.
Trump on Wednesday announced an agreement with Vietnam that he said cuts US tariffs on many Vietnamese goods to 20 per cent from his previously threatened 46 per cent. Many US products would be allowed to enter Vietnam duty free.
