Washington: U.S. President Donald Trump on Friday reaffirmed his administration’s “minimum” 10 percent baseline tariff on U.S. imports, but indicated the potential for an “exception,” as countries like South Korea seek to mitigate the effects of new U.S. levies.
According to Yonhap News Agency, Trump addressed the issue in response to a question regarding the continuation of the baseline tariff, even if other nations propose zero tariffs on U.S. exports to achieve “reciprocity.” Trump stated, “You are going to always have a baseline. I mean, there could be an exception at some point. We’ll see if somebody does something exceptional for us.”
Trump emphasized the permanence of the 10 percent baseline tariff, noting that some tariffs could be significantly higher, potentially reaching 40, 50, or even 60 percent, reflecting what he described as historical practices by other countries. He also mentioned the prospect of four or five forthcoming trade agreements but did not disclose which countries would be involv
ed in these negotiations.
The 10 percent baseline tariff was implemented on April 5, while Trump halted higher country-specific “reciprocal” tariffs, such as the 25 percent duties on South Korea, until July 8. This pause allows time for negotiations concerning tariff and non-tariff barriers, as well as other related matters.