Regarding the reciprocal tariffs set by the Trump administration for trading partners and regions, U.S. Treasury Secretary Benson said on May 18 that it was considering setting tariffs on Central America and Africa by “regional basis”. He was interviewed by CNN.
The United States will not conduct trade negotiations with countries other than major countries, but will unilaterally determine tariffs. Benson said that for countries with small trade volumes with the United States, “numbers can be given immediately”, and said that “there will be many regional transactions like ‘Central America has this tariff, Africa has this tariff’”.
This may also be opposed by trading partners.
The reciprocal tariffs proposed by the United States consist of a basic tariff of 10% and additional tariffs set by countries and regions. The additional tariffs have been suspended for 90 days and will expire in early July. The Trump administration originally planned to decide how to determine the additional tariffs based on negotiations with trading partners.
US President Trump said that there are about 150 countries that want to negotiate. He said on the 16th: “We can’t negotiate with multiple countries at once,” and said that letters about tariff rates of various countries will be sent out simultaneously in the next two to three weeks.
However, details such as whether the new proposed tariff rate will be higher or lower than the additional tariff rate of the equivalent tariff are still unclear.
source: International Business News
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