Trump to impose tariffs higher than ten percent on smaller nations in Africa and the Caribbean

(Patria) - United States President Donald Trump told reporters that he plans to impose tariffs higher than ten percent on smaller countries, including nations in Africa and the Caribbean, AP reported.

"We will probably put one tariff on all of them," Trump said, adding that it could be a tariff of slightly more than ten percent on goods from at least a hundred countries.

Commerce Secretary Howard Lutnick interjected, adding that nations with goods taxed at these rates would be located in Africa and the Caribbean, places that generally have a relatively modest level of trade with the US and would be relatively insignificant for achieving Trump's goals of reducing the trade imbalance with the rest of the world.

Trump sent letters this month to about twenty countries and the European Union, introducing a tariff rate that will apply from August 1. These countries generally faced tax rates on goods close to those of April 2 announced by the US President, the introduction of historically high import taxes for the US caused panic in financial markets and led Trump to set a ninety-day negotiation period that expired on July 9.

Trump also said he would likely announce tariffs on pharmaceuticals at the end of the month.

The President said he would start with a lower tariff rate and give companies a year to build domestic factories before facing higher import tax rates.

Trump said computer chips would face similar types of tariffs.