Free Trial

Trump to put tariffs of over 10% on smaller nations, including those in Africa and the Caribbean

President Donald Trump speaks to the media after arriving at Joint Base Andrews, Tuesday, July 15, 2025, in Joint Base Andrews, Md., as Secretary of the Interior Doug Burgum, left, Secretary of Commerce Howard Lutnick and White House Press Secretary Karoline Leavitt, right, look on. (AP Photo/Evan Vucci)

Key Points

  • President Trump plans a unified tariff of “a little over 10%” on goods from at least 100 smaller countries, including those in Africa and the Caribbean.
  • Commerce Secretary Howard Lutnick noted these nations have modest trade volumes with the U.S. and will have minimal impact on reducing overall trade imbalances.
  • Earlier this month, Trump sent letters to about two dozen countries and the EU setting high import taxes starting Aug. 1, after financial market panic and a 90-day negotiating period that ended July 9.
  • Trump also said he will likely impose tariffs on pharmaceutical drugs at month’s end, with lower initial rates and a one-year grace period for building domestic factories, applying a similar plan to computer chips.
  • MarketBeat previews top five stocks to own in August.

WASHINGTON (AP) — President Donald Trump told reporters Tuesday that he plans to place tariffs of over 10% on smaller countries, including nations in Africa and the Caribbean.

“We’ll probably set one tariff for all of them,” Trump said, adding that it could be “a little over 10% tariff” on goods from at least 100 nations.

Commerce Secretary Howard Lutnick interjected that the nations with goods being taxed at these rates would be in Africa and the Caribbean, places that generally do relatively modest levels of trade with the U.S. and would be relatively insignificant for addressing Trump's goals of reducing trade imbalances with the rest of the world.

The president had this month been posting letters to roughly two dozen countries and the European Union that simply levied a tariff rate to be charged starting Aug. 1.

Those countries generally faced tax rates on the goods close to the April 2 rates announced by the U.S. president, whose rollout of historically high import taxes for the U.S. caused financial markets to panic and led to Trump setting a 90-day negotiating period that expired July 9.

Trump also said he would “probably” announce tariffs on pharmaceutical drugs at the “end of the month.”

The president said he would start out at a lower tariff rate and give companies a year to build domestic factories before they faced higher import tax rates. Trump said computer chips would face a similar style of tariffs.

Where Should You Invest $1,000 Right Now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

Reduce the Risk Cover

Market downturns give many investors pause, and for good reason. Wondering how to offset this risk? Enter your email address to learn more about using beta to protect your portfolio.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Time to Cash Out? 5 Stocks to Drop Before Earnings
Watch Before Monday: Stocks to Load Up on Before Earnings
3 Hot Growth Stocks to Watch Right Now!

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines