Trump Sets Tariff Baselines of 10% and 15%

Good morning. Donald Trump sets baseline tariffs. Heathrow needs £21 billion for a new runway. And the White House’s ballroom is getting a facelift. Listen to the day’s top stories.

Donald Trump announced a slew of new tariffs, including a 10% global minimum and 15% or higher duties for countries with trade surpluses with the US. His move to raise tariffs on Canadian goods to 35% threatens to inject fresh tensions into an already strained relationship. You can see a full list of the levies here, most of which will kick in on Aug. 7.