President says ‘simple, straight’ tariff system coming for over 150 countries, raising fears of sweeping trade disruptions

WASHINGTON, July 24 — U.S. President Donald Trump has announced that upcoming tariff rates on foreign goods will range from 15% to 50%, as Washington prepares to implement a broad new trade framework by August 1. Speaking at an AI summit, Trump said: “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” citing strained relations with several nations.

The statement marks a sharp escalation in Trump’s ongoing trade campaign, signaling that nearly every U.S. trading partner — including more than 150 countries — will receive letters outlining tariff rates, with minimal room for negotiation. While some smaller nations may secure base rates as low as 10%, Trump confirmed that 15% would be the new minimum moving forward.

Trump has already finalized reduced tariffs for Japan — cutting a previously threatened 25% levy to 15% in exchange for a $550 billion investment pledge and the removal of certain trade barriers. Similar negotiations are underway with South Korea and the Philippines, both aiming to reach the 15% baseline.

Meanwhile, countries such as India, Vietnam, and EU member states are scrambling to secure deals before the deadline. Vietnam’s internal estimates suggest its exports to the U.S. could fall by up to one-third under higher tariffs. Trump said on Wednesday that he prefers a simple system over complex negotiations: “You can’t negotiate deals with everyone.”

As the clock ticks toward August 1, global markets remain on edge, with many governments reassessing the future of their trade relations with the United States.