US President Donald Trump has said that small countries will impose tariffs of around 10 percent. Trump says that such customs duties will be imposed on small countries, including countries in the African and Caribbean regions. "We're probably going to set a single tariff for everybody," Trump said, adding "at least a 10 percent tariff on imports from at least 100 countries."

Trump made the announcement Tuesday while giving a brief response to reporters in Washington.

US Commerce Minister Howard Lutnick further explained Trump's announcement and said that such an arrangement is going to be made for small countries including countries in the African and Caribbean regions that trade with the US in a normal amount. He says that this will not contribute much to Trump's goal of reducing the US trade deficit. 

Trump wrote a letter to two dozen countries and the European Union just a few weeks ago revealing the new customs rates that will be effective from August 1. President Trump has also said he will impose additional tariffs on drugs by the end of July. He has also announced that the customs rate will not be increased much until then in order to give time to foreign pharmaceutical industries to open their industries in America within one year. 

Just last Saturday, Trump announced a 30 percent tax increase targeting Mexico and the European Union (EU). Earlier this year, the US imposed a new tariff of 25 percent on Mexican goods. Similarly, Trump imposed a 20 percent tariff on the EU last April. In less than 7 months, the US has raised tariffs on Mexican goods for the second time. Under the Trilateral Agreement between the United States, Mexico and Canada (USMCA), products entering the United States are being exempted.

The EU has sharply criticized Trump's announcement. The EU has warned that it will disrupt the supply system with the US in response. But the EU said that it is ready to continue negotiations for some kind of agreement before August 1, when the tax will be implemented.

Since becoming president for a second term in January, Trump has been targeting his competitors and allies with massive tax increases. Trump's "tariff action" has devastated the world's financial markets and has also increased the fear of a global economic recession.