“We will commence sending letters to various countries starting [Friday]. We anticipate dispatching around 10 or 12 letters,” the president informed reporters after midnight upon his return from a speech at the Iowa State Fairgrounds, as reported by the New York Post.
“I believe that by the 9th [of July], they will be entirely addressed, and the tariffs will vary in value from approximately 60 or 70% to 10 and 20%,” he further stated.
The elevated rates indicate that Trump may increase tariffs on specific countries beyond the levels specified in his April 2 “Liberation Day” announcement, which established a new baseline tariff of 10%—roughly three times the previous rate—and imposed significant duties on countries with considerable trade imbalances with the U.S.
The highest previously declared “reciprocal” tariffs—linked to each nation’s trade deficit with the U.S.—were 49% for Cambodia, a key producer of clothing and footwear; 48% for neighboring Laos; and 47% for Madagascar, the leading global exporter of vanilla.
“We have finalized the form, and it will essentially outline what the countries will be required to pay in tariffs,” Trump told reporters early on Friday.
“It represents a substantial amount of money for the country, but we are offering them a deal. … I do not wish to overextend it; we aim to keep it quite reasonable,” he remarked, according to The Post.
Trump indicated that he plans to send up to a dozen letters to countries each day until the Wednesday deadline he established for negotiations.
“As we approach the smaller nations, we will largely maintain the existing tariffs,” he stated. “They will begin to incur charges on August 1. The funds will start flowing into the United States on August 1 in nearly all instances.”
It is still uncertain which nations will face tariffs in the range of 60 to 70%, but Trump’s renewed assertive trade discourse arises amidst a series of robust economic indicators, as noted by The Post.
Job growth in June once again surpassed expectations, inflation remained close to the Federal Reserve’s 2% target at 2.4% in May, and major stock market indices achieved record highs in the past week.
Critics of Trump’s confrontational trade approach caution that it may result in significant price hikes for consumer goods imported from abroad, according to the outlet.
