Trump Suggests 15%-50% Reciprocal Tariffs on Trading Partners, Report Says

President Donald Trump has reportedly said that the “reciprocal” tariffs he plans to levy on trading partners would range between 15% and 50%, days after he struck a trade deal with Japan ahead of his Aug. 1 deadline.

“We’ll have a straight, simple tariff of anywhere between 15% and 50%,” Trump said Wednesday at an AI summit in Washington, according to Bloomberg. “A couple of — we have 50 because we haven’t been getting along with those countries too well.” 

Japan’s exports, including those of cars, would face 15% reciprocal tariffs, rather than the 25% initially threatened by Trump, in the trade pact reached between the U.S. and Japan this week, before the Aug. 1 deadline for reaching trade deals with other countries. Steel and aluminum exports would still be subject to levies of 50%, however.

Trump’s comments come amid reports that the U.S. and European Union officials are nearing a trade deal. According to The Wall Street Journal, European officials expect a deal in line with Japan’s with tariffs set at 15% that would apply to car sales but exclude steel and aluminum exports. The EU faces 50% tariffs if it doesn’t manage to strike a deal.