President Donald Trump said on Monday most trading partners that do not negotiate separate trade deals would soon face tariffs of 15% to 20% on their exports to the United States, well above the broad 10% tariff he imposed in April.

President Trump reached an agreement to impose 15% tariffs on the European Union, with a few exceptions for key industries like aircrafts, semiconductor equipment and certain chemicals. Bloomberg News Anchor and Correspondent David Gura joins Ana Cabrera to break down the implications the new tariff rate could have on Americans.

President Donald Trump on Tuesday will conclude his trip to Scotland, where the United States and the European Union announced a sweeping trade deal that imposes 15% tariffs on most European goods. Trump had initially threatened tariffs of 30% against the EU in April.