US Announces New Tariff Policy on Small Nations

US President Donald Trump has announced plans to impose more than 10 percent import tariffs on goods coming from small countries in Africa and the Caribbean.

According to the Associated Press (AP), Trump said that the new tariff rate will be slightly above 10 percent and will apply equally to all countries. The tariff is expected to affect imports from at least 100 countries.

US Commerce Secretary Howard Lutnick said the new tariffs will mostly target countries in Africa and the Caribbean region.

Earlier this month, President Trump sent letters to around two dozen countries and the European Union, informing them about the new tariffs, which were planned to take effect from August 1.

That announcement caused a lot of unrest in the US financial markets, leading Trump to declare a 90-day negotiation period. However, that period ended on July 9.