The Trump administration on Tuesday celebrated a new trade deal with Indonesia, which is one of the world's largest producers of copper. He's threatened a 50% tariff on copper imports starting next month. For cannabis business owner Steven Brown, who founded Nothing But Hemp, he's already seen his costs rise.

WASHINGTON (AP) — President Donald Trump told reporters Tuesday that he plans to place tariffs of over 10% on smaller countries, including nations in Africa and the Caribbean. “We’ll probably set one tariff for all of them,” Trump said, adding that it could be “a little over 10% tariff” on goods from at least 100 nations.

The move comes amid a separate push by President Trump to increase tariffs on dozens of U.S. trading partners, including Mexico, which was told over the weekend to expect 30% tariffs starting in August.

Stocks dipped on Tuesday as new consumer price index data showed rising inflation and the Aug. 1 deadline for Trump’s tariff campaign loomed.

Trump threatened to escalate tariffs beyond 35% if Canada opts to retaliate with tariffs on U.S. goods. Canadian goods are also subject to sector-specific tariffs, such as 50% levies on steel and aluminum as well as 25% tariffs on non-USMCA compliant autos and auto parts.

European Union officials have drawn up plans to impose levies on American imports, but questions abound about whether they would go through with them.

Ford Motor's Q2 earnings will reveal tariff impacts, but tax changes are yet to be reflected; policy volatility clouds outlook. Click to read why F is a Hold.