Trump administration considering 20% global tariff

On the 30th (local time), the Wall Street Journal reported, citing sources, that the Trump administration is currently considering a 20% tariff on a global scale.

The Trump administration is planning to impose a 20% tariff on all goods imported from every country, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The administration officials are discussing applying the same tariff to all countries trading with the United States, rather than imposing individual tariffs on each country, the report said.

The officials are also expected to propose a tariff rate of 20%, and President Donald Trump is expected to make the final decision on the tariff and the scope of its application, the report added.

However, the report did not disclose the time frame for announcing this measure.

The Trump administration is expected to use IEEPA as the legal basis for this move, the same method used when imposing tariffs on Mexico and Canada, to be implemented if they did not cooperate to reduce the U.S. trade deficit.

The report comes after the administration imposed a 25% tariff on steel imports and a 10% tariff on aluminum imports from Canada, Mexico and the European Union earlier this month, in a move that sparked global alarm.

The administration is also planning to impose tariffs on up to $150 billion worth of Chinese goods in response to China's intellectual property practices, which the Trump administration feels are unfair.

The White House did not immediately respond to a request for comment.