Trump's New 'World Tariff': U.S. Trade Landscape Set for a Shakeup

President Donald Trump announced intentions to impose a 'world tariff' of 15% to 20% on exports from most trading partners lacking individual trade agreements with the U.S.

The announcement, made alongside British Prime Minister Keir Starmer at Trump's Turnberry golf resort, comes as part of his broader aim to reduce U.S. trade deficits. The move has intensified negotiations globally, with countries like Canada, India, and Thailand striving for lower tariff rates. Notably, Trump has already secured significant trade deals with the European Union and Japan.

Canadian Prime Minister Mark Carney noted ongoing intense talks with the U.S., aiming to lower the proposed 35% tariff on Canadian goods. The negotiations highlight Canada's reliance on the U.S. market as 75% of its exports head south. With Friday as Trump's deadline, the race is on for achieving more agreements.

(With inputs from agencies.)