Trump plans on reinstating sweeping tariffs

(MENAFN)
US President Donald Trump announced that his administration will soon notify trading partners of new tariffs on their exports, as the temporary pause on tariffs for ongoing trade talks is set to expire next week.

Since resuming office in January, Trump has pushed a protectionist tariff agenda aimed at safeguarding American manufacturers. This culminated on April 2 with what he dubbed ‘Liberation Day,’ which introduced a blanket 10% tariff on all imports, alongside higher tariffs targeting goods from China, Mexico, Canada, and the EU. Some of these measures were paused for 90 days to allow for negotiations, but that pause ends on July 9.

Speaking to reporters on Friday, Trump said that “10 or 12” countries would receive tariff notification letters immediately, with more following in the coming days. He confirmed that tariffs would range between 10% and as high as 70%, and all trading partners would be covered by the July 9 deadline. Smaller nations will be informed later, with tariffs taking effect on August 1. “It’s a lot of revenue for the US, but we’re still offering them a deal,” Trump remarked, without specifying which countries or industries would be affected. He also ruled out any extensions to the negotiations.

The US has already reached agreements with the UK and Vietnam and declared a temporary truce with China after previous tariff battles rocked global markets. Treasury Secretary Scott Bessent said Washington is nearing a broad agreement with the EU that could prevent 50% tariffs on EU exports from being enforced next week.

Trump has repeatedly criticized the EU’s trade policies, accusing the bloc of creating imbalances through its regulatory practices. In response, EU trade officials have voiced opposition to the UK-US deal, which maintains a 10% baseline tariff on British exports while reducing tariffs on steel and cars, warning of possible retaliatory measures if the bloc doesn’t secure more favorable terms.

Bessent noted that around 100 countries could face a minimum 10% tariff unless further deals are reached. “Expect a lot of developments in the next few days,” he told Bloomberg.

Meanwhile, the OECD cautioned this week that the tariffs risk disrupting global supply chains and could reduce global economic growth to 2.9% through 2026.

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