Trump envisions a global baseline tariff rate of 15 to 20 percent

Tariff revenue has increased in recent months, though the levies make it nearly certain that American households will pay higher prices for imported everyday goods.

A new reality is settling in for the global economy: President Donald Trump’s tariffs are here to stay.

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, and that’s what they’re going to pay if they want to do business in the United States, because you can’t sit down and make 200 deals,” Trump added.

That statement came some 12 hours after Trump announced an agreement Sunday with the European Union that would see a 15% tax paid on products brought into the United States from the bloc. The E.U. also agreed to spend $750 billion on energy purchases from the U.S., while investing an additional $600 billion here.

Before Trump took office for a second time, imports from the E.U. were taxed at an average effective rate of about 1.2%.