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 be paying,” Trump explained. “It’s just much easier.” He confirmed the letters would begin going out “probably tomorrow.”
Tariffs function as taxes on imported goods, paid by the importing company. While firms may absorb higher costs initially, they typically pass expenses to US consumers. The policy aims to increase government revenue while making foreign goods more expensive, potentially boosting demand for domestically produced items.
The announcement precedes next week’s deadline that could trigger steeper duties on goods from multiple countries. The European Union previously faced threats of 20% tariffs, later raised to 50%, while Japan could encounter 35% tariffs on its exports.
The UK and US have partially agreed on a trade deal covering UK cars and US beef and bioethanol, though steel remains unresolved.
The world’s two largest economies, China and the US, initially engaged in escalating trade disputes that imposed substantial “reciprocal” tariff increases in April. The US implemented 145% tariffs on Chinese imports while China imposed 125% tariffs on select goods.
Following negotiations, both countries agreed to reduce taxes to 30% and 10% respectively during ongoing discussions. Last month, the two nations reported reaching agreements on rare earth materials exports and technology restriction modifications.
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