Twelve countries will receive tariff notices from Mr. Trump on Monday.
US President Donald Trump announced that he has signed letters to 12 countries outlining the tariffs they will face on goods exported to the US. These offer-or-exit proposals will be sent out on Monday.
Mr. Trump declined to reveal the names of the countries receiving the letters. Earlier on Thursday, he had mentioned that the first batch of letters would be sent on Friday, but the timing had been adjusted. "I've signed some letters, maybe 12, and they're going to be sent out on Monday," Mr. Trump told reporters when asked about the tariff plan. "The tariffs will vary depending on the country."
In April, Trump announced a base tariff of 10% along with additional tariffs of up to 50% on most countries. However, tariffs above 10% were temporarily suspended for 90 days to allow time for trade negotiations.
This phase is set to end on July 9th, but Trump said on Friday morning that some tariffs could increase even higher, up to 70%, and would take effect on August 1st.
Trump and his senior aides initially announced they would negotiate tariffs with a range of countries, but the president changed strategy after numerous setbacks with major trading partners such as Japan and the European Union (EU).
"Sending letters is much easier," Trump remarked late Friday, emphasizing that it was simpler than negotiating complex trade agreements. He made no mention of earlier predictions that some broader trade deal could be reached before the July 9 deadline.
To date, only the UK and Vietnam have reached agreements with the US. The UK signed an agreement in May, maintaining a 10% tariff and granting preferential treatment in certain sectors such as automobiles and aircraft engines. Vietnam reduced tariffs from a threatening 46% to 20% on many goods, while also allowing many US products to enter Vietnam duty-free.
Meanwhile, talks with India have stalled, and EU diplomats said on Friday they had yet to make any breakthrough with the Trump administration. The EU is now seeking to prolong the status quo to avoid further tariff increases.
It is unclear whether Thailand, which faces a 36% tariff, was among the 12 countries to receive the letter. The Thai delegation, led by Deputy Prime Minister Pichai Chunhavajira, returned from Washington on Friday without reaching an agreement.
These new tariffs are part of Trump's strategy to balance the trade deficit and boost domestic production. However, the move has caused volatility in global markets, with investors and governments concerned about the long-term economic impact.
