Trump says new tariff rates are final, but people are skeptical
Yahoo Finance Washington Correspondent Ben Werschkul joins Market Domination to explain the White House's tiered approach and what it signals for upcoming trade talks.
To watch more expert insights and analysis on the latest market action, check out more Market Domination.
President Trump advances his effort to reshape global trade, imposing tariffs on dozens of countries, and here with the latest, we got Yahoo Finance's Ben Werschkul. Ben?
Josh, yeah, lots to digest of these numbers that were released last night, um, hiking tariffs on Canada to 35% as well as an array of rates on the rest of the world from 10 to 50% that we're going to see um, in about a week's time. You've already focused a lot already on the show on the market reaction. I want to focus a little bit on the kind of next steps of trade we're seeing, signals at least from the White House um, in the last few hours. What Trump has Trump's take on this is that these rates are set. He the words he's used is it's too late for other countries that don't like the rate they were given to negotiate even with this one week delay. Um, there's skepticism on that front, whether that's going to be the case, but that's his position in the timeline he set for new deals he threw out in this NBC interview was four weeks time, like maybe they'll be a deal in four weeks, suggesting they're pushing ahead. It's also worth noting that Trump's Truth Social has clearly been popping today on all these issues that you've already been talking about. What he actually hasn't posted about are these tariff rates. He's mentioned tariffs in in passing, but not sort of to say why why make his case for these rates. And I think that's kind of overall an attempt to kind of put tariffs um, to bed for now, say that this is the reality and that that markets and trade negotiators need to accept it. Plenty of skepticism obviously, whether this will succeed. Um, Capita we've seen it all day. Cap Economics is one example, had a note that said this is unlikely to be the final word and there's going to be a lot more back and forth there. But that is at least the White House position at the moment to put this issue, make this the reality and then move on to to other deals down the road.
What about this idea, Ben, of a tiered approach to tariffs that could be taking shape here?
Yeah, this this is an element of this release that that was really interesting to me. I've been looking at all day, which and it's a real shift between how this was approached now versus how it was approached in April. Just to remind folks in April, it was purely trade deficit. There was a formula that the White House put out that was essentially just the trade deficit as a percentage of GDP. That led to a lot of of really head scratching rates, 50% on small African countries, things like that. This time around, the trade deficit is still the number one factor, but it's a much more it's much more of a piece um, in in a bunch of other factors, including kind of subjective ones that the president himself can clearly decide. Um, that what it's led to as you mentioned is this kind of idea of tiers. We've seen 120 nations at 10% tariffs, 40 at 15%, 10 at 19 to 20%, and then so on upwards. Uh, it gets a little more scattered when you get higher up, but it's a clearly an attempt to kind of put these all together into one. What a White House official said is that the 10% is for folks with a trade surplus, not exclusively, but mostly, 15% is for deals and for with a small deficit, and then then it gets more bespoke further up. Um, this further up, I think is where folks should watch going forward. One that jumped out to me is that 19 this 19 to 20% rate are all southeast south southern and southeast Asian nations. You know, we saw some deals there. The outlier is India who has a 25% rate. So they're going to clearly want to be aligned um, at least with their other with their neighbors so that they're all having the same rates. So that's where a lot of the the fights going to be in the in the weeks ahead.
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