As the 9 July deadline for new tariffs approaches, President Donald Trump has indicated that certain countries could face import duties of up to 70%.
The new tariffs are set to take effect on 1 August, with notification letters distributed to affected nations in phases. Reports indicate that “10 or 12” of these letters will be sent on Friday, followed by additional notifications in the coming days.
During a press conference, President Trump mentioned, “I believe by the ninth all nations will be informed,” referencing the deadline for countries to comply with the new tariffs. He elaborated that the tariffs could range significantly, from 10% to as high as 70%.
Currently, the U.S. is engaged in trade negotiations with numerous partners. Following a pause on export restrictions in May, trade tensions with China have eased, marking a shift after months of threatening tariff increases. Additionally, Canada has resumed discussions after the elimination of the digital services tax.
Negotiations with Japan are ongoing, with Trump suggesting that duties on Japanese imports may exceed 30-35%. Meanwhile, the European Union has expressed willingness to accept a universal tariff of 10%, although they are seeking exemptions in specific sectors. Trump has warned of a potential 50% tariff on EU imports.
U.S. Treasury Secretary Scott Bessent has indicated that around 100 trade partners are likely to face a reciprocal 10% tariff by next week, with a surge of deals expected before the 9 July deadline.
In related news, the U.S. House of Representatives recently approved the ‘big beautiful’ bill, which could increase the national debt by $3.3 trillion, make tax cuts from Trump’s initial term permanent, and reduce funding for Medicaid.