U.S. President Donald Trump announced on Thursday that the administration will begin sending formal letters to major trading partners by Friday, outlining the tariff rates that will apply to their exports to the United States.
Trump stated that the tariffs will range from 10% to 20% and 60% to 70%, and are scheduled to take effect on August 1.
Speaking to reporters in Washington, Trump acknowledged the challenges of negotiating trade deals with more than 170 countries, and said the White House has now decided to abandon detailed negotiations in favor of implementing flat-rate tariffs.
According to Trump, 10 to 12 countries will be included in the first round of notifications to be delivered on Friday.
The move represents a significant departure from Trump’s earlier pledge to finalize 90 trade agreements in 90 days. To date, the U.S. has only secured trade deals with the United Kingdom and Vietnam, as well as a framework agreement with China.
Back in April, Trump announced a broad set of trade tariffs targeting major economies, but postponed their implementation by 90 days, until July 9, to allow time for potential negotiations.
Since then, countries such as Japan, South Korea, and India have engaged in discussions with Washington, but none have yet reached formal agreements.
As the July 9 deadline approaches, key U.S. trading partners now face tariff rates between 20% and 50%, with Trump recently making it clear that he does not plan to grant any further extensions.
