Trump Sends Tariff Letters to 12 Countries, Higher Rates Expected
President Trump has notified 12 countries of new tariff rates on their exports to the U.S. The move signals a shift towards a more direct approach. Tariffs could rise up to 70 percent, set to take effect from August 1.
U.S. President Donald Trump has signed letters to 12 countries, notifying them of specific tariff rates they would face on exports to the U.S. The move signals a shift towards a more unilateral approach, with the letters expected to be sent Monday. Trump declined to name the countries but said the tariff terms would be made public after the letters are dispatched. Initially planned for Friday, the letters will now be sent next week.
Trump had unveiled a base tariff of 10 percent for most trading partners in April, with additional duties threatened for countries that did not agree to U.S. terms. These tariffs could rise up to 70 percent, with most set to take effect from August 1. Negotiations with key partners have faltered, leading Trump to abandon the strategy of tailored trade deals.
Only two agreements have been finalized so far, with the U.K. and Vietnam. Talks with India and the EU have not yielded breakthroughs. As the July 9 deadline approaches, uncertainty over Trump’s tariff threats continues to impact global markets and trade policy circles.
According to the source: Moneycontrol.
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