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US President Donald Trump has flagged an increase in his ‘liberation day’ baseline tariff to between 15% and 20%.
Trump said countries that do not negotiate a special deal with the US will face an increase in the baseline tariff, which was originally set at 10%.
“We are going to be setting a tariff, for essentially the rest of the world, and that’s what they’re going to pay if you want to do business in the US”, President Trump said at a press conference at his luxury golf course in Turnberry, Scotland.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.