Trump Plans to Increase Tariffs on Several Countries

On April 9, President Donald Trump announced a three-month window for countries to negotiate trade deals with the United States or face higher tariffs. With just five days left, the White House is set to inform around 10 to 12 nations about their new tariff rates. These rates, ranging from 10% to 70%, will go into effect on August 1. Trump mentioned that the countries will be notified through letters starting the next day.

Trump imposed reciprocal tariffs of up to 50% on many trading partners in April. The announcement of higher tariffs caused global stock markets to fall. While it's unclear which countries will receive the letters, Trump has singled out the European Union and Japan as tough negotiators. The deadline for these notifications aligns with the administration's goal to finalize deals by July 9.

For countries still negotiating, the deadline is flexible. Treasury Secretary Scott Bessent suggested that deals could be reached by Labor Day. However, Trump indicated that the new tariffs will start on August 1 without much flexibility. The administration has signed trade deal frameworks with the UK and China, with discussions ongoing with Vietnam.

The administration has been working on trade deals with key partners to reduce trade barriers. Trump initially claimed that 200 deals were near completion, but later acknowledged the challenges of making numerous deals in a short timeframe. The plan to set new tariffs for countries unable to reach agreements has been in the works for over two months.

According to the source: CNN.