Trump to Announce New Tariff Rates in 3-Weeks, Says 150 Countries Want a Deal

President Donald Trump on Friday asserted that the US will set "reciprocal" tariff rates for its trading partners in the next three weeks, Bloomberg reported. He also acknowledged that his administration lacks the capacity to negotiate deals with all of its trading partners.

Trump also announced that US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will send letters to countries telling what they’ll be paying to do business in US.

Trump, during a meeting with business executives in the United Arab Emirates (UAE), also noted that around 150 countries want to make a deal. However, he did not specify how many of them would be receiving the letter from US officials.

“I think we’re going to be very fair. But it’s not possible to meet the number of people that want to see us,” Trump said.

Trump on India

Recently, India announced that nothing has been finalised with the US yet on trade terms. This came after Trump claimed that New Delhi has offered a pact with “zero tariffs” on US goods.

"Between India and the US, trade talks have been going on. These are complicated negotiations. Nothing is decided till everything is. Any trade deal has to be mutually beneficial; it has to work for both countries. That would be our expectation from the trade deal. Until that is done, any judgment on it would be premature," said External Affairs Minister S Jaishankar on Thursday.

Notably, Trump also credited himself for brokering a ceasefire between India and Pakistan in the trade context. However, India refuted his claims too.

On April 2, Trump announced his long-promised tariff rates on all of his trade partners from the Rose Garden. However, soon after he announced a 90-day pause on tariffs, applying a 10% blanket levy, leaving room for countries to negotiate.

He also imposed a 26% tariff on India. In his speech, Trump described Prime Minister Narendra Modi as a "great friend" but also complained that India "hasn't been treating the US right."

However, with India's proactive efforts ranging from reducing and, finalising the Terms of Reference with the US in just 20 days to lay down a roadmap for the negotiations on reciprocal trade.