The president is set to raise taxes on imports arriving from many countries, including Canada and Mexico. That’s on top of the tariffs that the White House has already announced on specific products,

Some commodities have also been subject to individual tariffs. Trump recently announced a 50% tariff on copper imports, effective from 1 August. Steel and aluminium imports are already subject to a 50% tariff from most countries, though in the UK’s case this is 25%.

On Monday morning, Trump said the baseline tariff rate for the world will be “in the range of 15 to 20% ... probably one of those two numbers.” “We’re going to be setting a tariff for essentially the rest of the world,