US President Donald Trump is anticipated to commence the formal notification of key US trading partners regarding a comprehensive new tariff system as soon as Friday, according to media sources.
The tariffs, which are scheduled to be implemented on 1 August, may impose levies of up to 70% on exports to the United States from certain countries.
In remarks to journalists prior to the Independence Day holiday, Trump indicated that approximately “10 or 12” letters would be dispatched immediately, with additional notifications to follow in the coming days.
“By the ninth they’ll be fully covered,” he remarked, alluding to a 9 July deadline he had previously established for finalizing agreements that could prevent the imposition of the higher tariffs.
Trump’s strategy, widely regarded as a component of his America First trade policy, allows minimal room for negotiation. “They’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” he further clarified, emphasizing that the magnitude of the new charges would differ by country.
The United States is presently engaged in sensitive negotiations with several economies, including South Korea, Indonesia, Switzerland, and the European Union. These discussions are believed to be at a pivotal stage, addressing delicate matters.
The White House initially announced the elevated “reciprocal” tariffs on 2 April, but postponed full implementation for 90 days to facilitate negotiations.
During this interim period, a 10% rate was enforced. If the complete set of tariffs is enacted next week, Bloomberg Economics predicts that the average duty on US imports could escalate to approximately 20%, a sharp increase from the pre-Trump average of about 3%.
Such a rise would signify a considerable escalation from the original framework introduced in April, where proposed tariffs varied from 10 to 50%. The president has yet to specify which countries or goods would be subject to the highest rate categories.
Trump stated that the measures would start generating revenue beginning next month. “Countries would start to pay on 1 August. The money will start coming into the United States on 1 August,” he remarked.