Trump Notifies Trading Partners as He Prepares to Reimpose Tariffs
(MENAFN) US President Donald Trump has announced that his administration will soon notify foreign trading partners about upcoming tariffs on their exports, as he prepares to reimpose tariffs that were temporarily paused for trade talks. These measures are set to take effect next week as negotiations are set to expire.
Since returning to office in January, Trump has ramped up a tariff strategy aimed at shielding US manufacturers. The initiative reached its peak on April 2, dubbed ‘Liberation Day,’ when Trump unveiled a series of tariffs, including a 10% blanket tax on all imports and heightened rates for goods coming from China, Mexico, Canada, and the EU. To facilitate trade discussions, some tariffs were suspended for 90 days, with the deadline for these talks set for July 9.
During a press briefing on Friday morning, Trump revealed that “10 or 12” notification letters would be sent out that day, with additional notifications to follow “over the next few days.”
By the deadline, he added, “By the ninth they’ll be fully covered.” Trump also noted that “they’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”
Smaller countries will receive notifications later, with tariffs set to be enforced starting August 1. “It’s a lot of money for the country, but we’re giving them a bargain,” Trump said, though he refrained from identifying specific countries or industries.
Earlier this week, Trump confirmed he would not extend ongoing talks, signaling that countries must reach agreements by the July 9 deadline.
The US has already struck deals with the UK and Vietnam, and reached a truce with China after previous tariffs ignited a trade war that unsettled global markets.
Treasury Secretary Scott Bessent remarked Thursday that a high-level framework deal with the EU was nearly finalized, which could prevent 50% tariffs on EU exports from being imposed next week.
Trump has repeatedly criticized the EU for what he considers unfair trade practices, claiming that the bloc’s regulatory framework exacerbates the trade imbalance between the US and Europe. EU officials have expressed concerns over the recent UK-US agreement, which maintains a 10% baseline tariff on British exports but reduces tariffs on steel and cars. They have warned that retaliation may be in store unless more favorable terms are secured.
Bessent further revealed that around 100 countries could face at least a 10% tariff, with more deals likely in the coming days. “I think we’re going to see a lot of action over the coming days,” he told media.
The OECD has cautioned that these tariffs could disrupt global supply chains and lower global growth projections, predicting a slowdown to 2.9% through 2026.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
