Donald Trump says countries will have to start paying tariffs from August 1

Donald Trump says countries will have to start paying tariffs from August 1

US President Donald Trump said his administration will start sending letters informing trading partners of their tariff rates as soon as Friday, as negotiations to avoid higher US levies enter the final stretch.

He said 10-12 countries will get letters on Friday and will range in value from 60%-70% and 10%-20%.

Countries will have to start paying tariffs from August 1, said Trump.

“They’ll be fully covered and they’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” he said late Thursday (US time). Trump told reporters that about “10 or 12” letters would go out Friday, with additional letters coming “over the next few days.”

Trump has long threatened that if countries fail to reach deals with a July 9 deadline, he would impose higher rates on them, raising the stakes for trading partners. So far, the administration has announced deals with the UK and Vietnam and agreed to a truce with China that saw the world’s two largest economies ease tit-for-tat tariffs.

On Tuesday, US President Donald Trump said the United States could reach a trade deal with India that would cut tariffs for both countries and help American companies compete in India's market of 1.4 billion consumers.

The US has been pushing India to significantly open its domestic market by reducing tariffs on American farm goods like soybeans, wheat, corn, apples, ethanol, and dairy products, many of which are politically sensitive in India. Washington has also demanded easier market access for genetically modified (GM) crops, which New Delhi has long resisted due to health and regulatory concerns.

India, however, has refused to budge, citing the need to protect its small farmers and food security system, particularly the Minimum Support Price (MSP) regime that underpins rural stability and welfare.

India’s farm sector supports over half the population. Any dilution in agricultural tariffs or changes in import policy could affect domestic crop prices, undercut Indian farmers, and trigger political backlash.

Moreover, allowing the US to dump heavily subsidised agricultural goods into the Indian market would upset the rural economy and undermine years of work toward self-reliance in food production.