Trump Reveals Massive New Tariff Rates That Will Hit Global Trade
The US government will begin sending letters to countries detailing higher tariff rates that take effect on August 1st, President Donald Trump announced Thursday. Between 10 to 12 letters will be sent Friday, with additional notifications following over the coming days, Trump told reporters. The new import duties will range from "60% or 70% tariffs to 10 to 20% tariffs," with the upper limit exceeding previously outlined rates. Trump has established a July 9th deadline for negotiations over import tax rates as countries work to secure agreements. He previously indicated a baseline tariff of 10% on many economies with a maximum of 50%. The president did not specify which countries' goods would face the US taxes or whether rates would apply only to certain products. "My inclination is to send a letter out and say what tariff they're going to […]