Trump Says 15-20% Baseline Tariff Likely For Countries Without Trade Deals

US President Donald Trump on Monday indicated that he will likely impose a blanket tariff between 15% and 20% on imports from countries that haven't signed separate trade agreements with the United States.

"For the world, I would say it'll be somewhere in the 15% to 20% range ... I just want to be nice," Trump said during a joint appearance with UK Prime Minister Keir Starmer in Turnberry, Scotland. "I would say in the range of 15 to 20%: probably one of those two numbers," he added.

The proposed rate marks a significant jump from the 10% baseline tariff Trump had announced back in April, raising concerns for smaller nations that had been expecting a more moderate approach.

Earlier this month, Commerce Secretary Howard Lutnick had indicated that many smaller nations including those in Latin America, the Caribbean, and parts of Africa would face a 10% tariff under the proposed plan.

The US President has, in recent days, announced trade deals that come with relatively lower tariffs with a number of countries. However, the negotiations with India are still underway.

The fifth round of talks between the Indian and US negotiators concluded this month. According to sources, a team from Washington will be visiting India next month for the next round of the negotiations.

Earlier, Trump said that his administration will have most of its trade deals with countries finished by Aug 1.

"Aug. 1 is going to come, and we will have most of our deals finished, if not all," Trump told reporters last week. "They pay that tariff and that is the contract essentially."