12 countries will receive tariff letters from Mr. Trump on Monday
US President Donald Trump said he has signed letters to 12 countries outlining the tariffs they will face on their exports to the US. The take-it-or-leave-it proposals will be sent out on Monday.
Mr Trump declined to identify the countries receiving the letters. He had said on Thursday that the first batch would be sent on Friday, but the timing was adjusted. 'I signed a number of letters, probably 12, and they'll be sent out on Monday,' Mr Trump told reporters when asked about the tariffs. 'It's going to be different, depending on the country.'
In April, Mr. Trump announced a base tariff of 10% and additional tariffs of up to 50% on most countries. However, tariffs above 10% were suspended for 90 days to allow time for trade negotiations.
That phase was due to end on July 9, but Mr Trump said on Friday morning that some tariffs could go higher, up to 70%, and would take effect on August 1.
Mr Trump and his senior aides initially vowed to negotiate with a range of countries on tariffs, but the president changed tack after a series of setbacks with major trading partners such as Japan and the European Union (EU).
“It’s much easier to send letters,” Mr Trump said late on Friday, stressing that it was simpler than negotiating complex trade agreements. He did not address earlier speculation that some broader trade deal could be reached before the July 9 deadline.
So far, only the UK and Vietnam have reached agreements with the US. The UK signed a deal in May, keeping tariffs at 10% and getting preferential treatment in some sectors such as cars and aircraft engines. Vietnam has reduced tariffs on many goods from a threatened 46% to 20%, and has allowed many US products to enter the country duty-free.
Meanwhile, talks with India have stalled, and EU diplomats said on Friday they had not made a breakthrough with the Trump administration. The EU is now seeking to extend the status quo to avoid higher tariffs.
It is unclear whether Thailand, which faces a 36% tariff, was among the 12 recipients. The Thai delegation, led by Deputy Prime Minister Pichai Chunhavajira, returned from Washington on Friday without reaching an agreement.
The new tariffs are part of Mr Trump’s strategy to balance the trade deficit and boost domestic manufacturing. However, the move has caused volatility in global markets, with investors and governments worried about the economic impact in the coming months.