US President Donald Trump has declared his intention to dispatch the initial tariff letters to several countries, just days ahead of the deadline for trading partners to finalize an agreement.
Mr. Trump stated he will send out a first round of up to 15 letters, cautioning that US tariffs on imports will revert to the elevated levels established in April if countries do not secure deals.
Treasury Secretary Scott Bessent mentioned that the tariffs would not “boomerang” back until 1 August, providing additional leeway for negotiation on a matter that has injected uncertainty into global markets.
“I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting at 12:00 P.M. (Eastern), Monday, July 7th,” Mr. Trump shared on his Truth Social platform.
On 2 April, Mr. Trump unveiled sweeping tariffs, labeling it “Liberation Day,” which included a 10% duty on imports from nearly all trading partners.
Certain countries, including some within the European Union, were set to face even higher rates.
As markets plummeted, Mr. Trump temporarily suspended the tariffs for 90 days to facilitate discussions—an extension that ends on Wednesday.
However, results have been limited thus far, with Washington only revealing agreements with Britain and Vietnam, while agreeing with China to temporarily lower significantly high tariffs on each other’s products.
Mr. Trump told reporters as he boarded Air Force One yesterday that it “could be 12, could be 15” letters he would be sending today.
“I think we’ll have most countries finalized by 9 July, either with a letter or a deal,” Mr. Trump noted, mentioning that some agreements had already been reached.
US Commerce Secretary Howard Lutnick, standing next to Mr. Trump, confirmed that tariffs would commence on 1 August but rejected the idea that it was a deferral of the deadline.
“The President is determining the rates and deals at this moment.”
Mr. Bessent also refuted any notion that Mr. Trump was establishing a new deadline with the 1 August date.
“It’s not a new deadline. We’re clearly stating when this will occur. If you wish to expedite matters, go ahead. If you prefer the previous rate, that’s up to you,” he mentioned.
Mr. Bessent added that the strategy involves applying “maximum pressure,” citing the European Union as an example and indicating they are “making very good progress” following a slow start.
Earlier, he hinted at “several big announcements” regarding deals in the coming days, though he remained vague about which countries would be involved.
EU and US negotiators are set to hold discussions over the weekend, with France’s finance minister expressing hopes for striking a deal soon.
Nonetheless, other nations continue to voice concerns. Japan’s Prime Minister Shigeru Ishiba indicated yesterday he “won’t easily compromise” in trade negotiations with Washington.
BRICS leaders from rapidly growing economies convening in Rio de Janeiro raised “serious concerns” about the “indiscriminate” import tariffs being deemed illegal and potentially detrimental to global trade.
In response, Mr. Trump criticized the group, which includes 11 nations such as Brazil, Russia, India, and China.
“Any Country aligning itself with the Anti-American policies of BRICS will incur an ADDITIONAL 10% Tariff. This policy will have no exceptions,” Mr. Trump stated.
