Trump says tariffs to range from 15% to 50%

US President Donald Trump said he would not reduce tariffs below 15% when setting so-called reciprocal duties ahead of the August 1 deadline.

“We'll have a straight, simple tariff of anywhere between 15% and 50%,” Trump said Wednesday at the Artificial Intelligence Summit in Washington, according to Bloomberg.

Earlier this month, Trump said more than 150 countries would receive a letter outlining proposed tariffs of possibly 10% or 15%, though he noted at the time that a final rate had not yet been decided.

When first announcing the reciprocal tariffs in April, Trump proposed a blanket 10% duty on nearly all countries.

While the US has already reached trade deals with countries including Japan, other nations, such as India and members of the European Union, are still seeking agreements ahead of the planned tariff hikes.