Trump hints at 15% to 20% global baseline duties ahead of the tariff deadline

US President Donald Trump has hinted at increasing baseline tariffs in the range of 15% to 20% on countries that have failed to reach a trade agreement with the US, as the Aug. 1 tariff deadline closes in.

"For the world, I would say it'll be somewhere in the 15% to 20% range," Trump said on July 28 in Turnberry, Scotland, alongside his British counterpart Keir Starmer, adding that the US is "going to be setting a tariff for essentially the rest of the world, and that's what they're going to pay if they want to do business in the US, because you can't sit down and make 200 deals."

Trump's announcement comes a day after reaching an agreement with the European Union on a 15% unified tariff for most exports.

Trump has already announced severe tariffs on key partners starting Aug. 1, with Brazil facing as high as 50% -- a move that has put beef and agri-bulk suppliers from the South American country at unease.

Earlier, Trump announced 15% tariffs on Japan, and 16% on Indonesia.

In addition, Trump has sent over two dozen letters to the US trade partners, setting new tariff rates.

Ahead of the tariff deadline, several countries are still negotiating trade deals with the US, including India.

Trump's new baseline tariffs will have potential impact on several countries, including smaller nations which hoped for exemptions, if not a total relief.

Trump's proposed country-specific tariffs will impact key supplies, including agriculture and metals, while offering exemptions on few, including critical metals.