In a phone interview with NBC News' "Review to the Press" program on July 10, Mr. Trump made it clear: "All remaining countries (not yet reached an agreement and not yet received a tax notification letter - PV) will have to pay taxes, possibly 15% or 20%. We will decide soon.
The basic tax rate is currently at 10%. The 15-20% increase is considered an unprecedented blow to US trade policy. However, Mr. Trump stated: "The stock market has received very positive feedback. Today, we just set a new peak".
Although the S&P 500 closed at a record high on July 10, many experts still recalled the index's dizzying 20% decline after Mr. Trump announced the first series of tariffs in April.
In response to Hasbro's warning that toy prices could increase due to import tariffs, Trump responded: "I don't care about Hasbro. If they were made in the US, the price would not increase. He also affirmed that inflation is decreasing, although according to data from the US Bureau of Labor Statistics, inflation is still above 2.3%.
Despite warnings from business and economic officials, Trump continues to promote tax policy. This week, he sent a letter to 22 countries announcing new tax rates, including 50% for imports from Brazil and a 50% tax on copper imports, expected to take effect from next month.
Despite having declared that it would reach 90 deals in 90 days since April, the Trump administration has not signed any trade deals, but has only reached three goals of negotiations that could become deals in the future.
"Whether you sign or not is not important. We are establishing a tax schedule, Trump said. He confirmed that the European Union (EU) and Canada will receive a letter announcing the new tax rate today or tomorrow.
Immediately after the talk with NBC, Mr. Trump announced that he would impose a 35% tax on imports from Canada, officially starting a new wave of tensions with Ottawa - one of Washington's largest trading partners with more than 400 billion USD in annual turnover.
Meanwhile, the EU - the US's number one trading partner with more than $600 billion in imported goods - is trying to negotiate every day to avoid a tax letter from the White House. Speaking to the European Parliament, EU trade unionist Marošefčovič revealed: We are negotiating every day to avoid the worst case scenario.
However, the EU has also prepared more than $100 billion in retaliatory taxes, ready to be activated. Many items on the tax list target "red" states - where voters support Mr. Trump, such as soap from Louisiana or bourbon from Kentucky.
