U.S. President Donald Trump has announced that he has prepared letters for 12 countries detailing the tariff rates they will face on goods exported to the United States, stating that the “take it or leave it” offers will be dispatched on Monday.
While speaking to reporters on Air Force One en route to New Jersey, Trump refrained from disclosing the identities of the countries involved, indicating that this information would be revealed on the upcoming Monday.
Earlier, Trump had indicated plans to send out the first set of letters on Friday, coinciding with a national holiday in the United States, although the timeline has since shifted.
The tariffs are part of an escalating global trade conflict that has disrupted financial markets and prompted policymakers to take defensive measures to protect their economies. In April, Trump had announced a base tariff rate of 10% alongside additional tariffs for various countries, some reaching as high as 50%.
However, the more substantial tariff rates, apart from the base 10%, were subsequently suspended for a 90-day negotiation period.
This negotiation period expires on July 9; nonetheless, Trump suggested earlier on Friday that the tariffs could potentially increase to as much as 70%, with the majority expected to come into effect on August 1.
“I signed some letters, and they’ll go out on Monday, probably twelve,” Trump stated when asked about the upcoming tariffs. “Different amounts of money, different amounts of tariffs.”
Despite initial intentions to engage in negotiations with numerous countries over tariff rates, the president has grown disillusioned with the process following repeated setbacks with key trading partners, including Japan and the European Union.
Trump briefly commented on the matter later on Friday, saying, “The letters are better… much easier to send a letter.”
He did not expand on his earlier comments suggesting that broader trade agreements could potentially be established before the July 9 deadline.
This shift in strategy at the White House underscores the difficulties of negotiating comprehensive trade agreements that encompass tariffs as well as non-tariff barriers like agricultural import bans, especially on a compressed timeline.
Typically, trade agreements require lengthy negotiations, often spanning several years.
Currently, the only finalized trade agreements have been with Britain, which secured a deal in May to maintain the 10% tariff rate while also gaining favorable treatment for certain sectors including automobiles and aircraft engines, and with Vietnam, which has seen a reduction in tariffs on numerous goods from 46% to 20%, with many U.S. products allowed duty-free entry into the Vietnamese market.
Meanwhile, a prospective deal with India remains elusive, and EU diplomats reported on Friday that no significant progress has been made in trade discussions with the Trump administration, leading them to consider extending the existing arrangements to avert rising tariffs.
