Donald Trump Says US Will Charge Tariffs Of Up To 70%, White House To Start Sending Letters To Countries From Today

(MENAFN- Live Mint) US President Donald Trump has said he will start sending out letters to America's trading partners starting today to begin charging unilateral tariff rates, which countries will have to pay from August 1.

Talking to reporters, the President said that the tariff rates could start between 10-20 per cent and could go up to 70 per cent.

“They'll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” he said.

About“10 or 12” letters will be sent on Friday, Trump revealed, adding that additional letters will go out“over the next few days.”

“I think by the ninth they'll be fully covered,” Trump added, referring to the July 9 deadline he had earlier set for countries to reach deals with the US to avoid higher import duties he has threatened.

The Republican leader did not elaborate on which countries would be charged how much tariffs, or if the tariffs would be charged at higher rates on certain goods.

If the 70 per cent tariff claimed by Trump is implemented, it would be higher than any US tariffs the president initially outlined during his“Liberation Day” rollout on April 2.

The countries would have to start paying taxes to the US by August 1, the President said.

“The money will start going to come into the United States on August 1.”

Also Read | Who have struck deals with US ahead of July 9 deadline? Who are struggling? US trade deals so far

As of now, only three countries - China, Vietnam and UK - have signed trade deals with the US.

However, two were announced weeks back and there has been no new concrete development after that, except for the trade agreement with Vietnam despite Trump teasing more deals.

Also Read | China stocks edge up on signs of de-escalating Sino-US trade tensions; HK slips

Trump announced the deal with Vietnam on Wednesday, saying that the US would place a 20 per cent tariff on exports from Vietnam to the US and a 40 per cent rate on goods deemed transshipped through the nation.

The US president initially announced his higher so-called“reciprocal” tariffs on April 2, but paused those for 90 days to allow countries time to negotiate.

Last month he called off negotiation talks with Canada, calling it a difficult country.

Trump was asked Thursday on whether more deals were coming soon.

Also Read | Trump May Start Telling Nations New Tariff Rates on Friday

“We have a couple of other deals, but you know, my inclination is to send a letter out and say what tariffs they are going to be paying,” he said.

US-India trade talks

Meanwhile, Donald Trump and his representatives from his administration have repeatedly teased an upcoming trade agreement with India, with negotiators reaching Washington DC to participate in talks.

India and the United States will likely finalise an interim or a“mini trade deal” within the next 48 hours, with negotiations underway in Washington, DC, news reports said on July 3.

MENAFN04072025007365015876ID1109759910