While boasting of taking in over $100 billion from tariffs that he imposed on other nations so far, President Donald Trump on Wednesday said he's close to sending a tariff notice to 150 countries.
Trump opened a session with reporters at the White House during his meeting with the Bahrain Crown Prince Salman bin Hamad Al Khalifa. The White House posted a video of the nearly half-hour exchange.
The president said the 150 nations that will soon get a tariff notice, are ones that "We're really not negotiating with and they're smaller. We don't do much business with."
He explained, "We're just going to send a notice of payment out, and the notice of payment is going to say what the tariff (is) and it's all going to be the same for everyone for that group." Trump emphasized, "They don't do that much business. It's not like the ones that we've agreed with, like China, like Japan, where we're negotiating with them."
Trump's trade strategy and what he called "America's Liberation Day" in April has been to impose a 10% tariff on all countries, with indications that it could go higher. Trump used a declaration of national emergency to carry out his trade strategy. Democrats in Congress are trying to reverse that approach.
Some larger countries, including those in the European Union, have been informed that their rates could be higher with an upcoming effective date of Aug. 1.
Negotiations with those countries have intensified with such a short time remaining before that deadline. European Union nations have threatened to boost tariffs on U.S.-made products, while Trump has countered with imposing a rate on them as high as 30% if an acceptable overall trade deal can't be managed.
Trump also reminded reporters that America's vast energy reserves will help bolster America's economy. "We're number one in the world in oil, " he said, "and we're drilling. And today it hit $64 a barrel, which is great, and that'll help stop wars."
Trump visited Pennsylvania on Tuesday, where $92 billion in private investments highlighted a renewed push for energy production and new Artificial Intelligence initiatives.