US President Donald Trump announced late Thursday evening that his administration would begin sending out letters on Friday to various countries, detailing the new tariffs that they will face on imports to the United States. These letters will outline the specific tariff rates, which range from 10% to 70%, depending on the country.
During a press briefing, Trump explained, “We are starting to send letters tomorrow, with about 10 or 12 going out at the beginning. Over the next few days, we expect to have them all sent out, with full coverage by the 9th.”
The President emphasized that the tariffs, which will take effect starting August 1, are a critical part of his administration’s trade strategy. He noted that these tariffs will generate substantial revenue for the country but stressed that the administration is offering a “bargain” to other nations. Trump added, “Whether through deficit reduction or other metrics, these tariffs are significant but reasonable.”
He also clarified that the tariffs would not be extended too far, ensuring that the measures are both fair and balanced.
In addition to the tariff announcements, Trump revealed that he expects to sign “a couple of other deals” soon, following the trade agreement with Vietnam that was announced earlier in the week. These agreements are aimed at improving the US trade landscape with multiple nations.
The timing of this announcement is crucial, as many countries are preparing for the upcoming increase in duties, which will affect dozens of economies, including those in Taiwan and the European Union. In response, several nations have been negotiating trade deals in hopes of reducing the impact of these higher tariffs.
US officials have indicated that there will be a series of trade agreements announced in the coming days, signaling a busy period for international trade relations.
