‘A letter means a deal,’ says Trump on his tariff blitz, reminds BRICS of 10% hit for challenging Dollar

US markets show mixed performance at mid-day as tariff deadline looms, Europe ends with gains

US President Donald Trump on Tuesday said that the tariff letters issued by him themselves meant trade deal with the countries.

"A letter means a deal, because it is a better way because we have 200 countries," the US President told reporters during a cabinet meeting at the White House.

In his remarks, Trump reiterated his goal of shifting the balance of trade in Washington’s favour. “Yes, the deals are mostly my deal to them. We are picking a number which is low and is fair,” he said. “The number is mostly lower than what they charged us.”

He also reiterated this threat to impose an extra 10 percent tariff on countries aligning themselves with the emerging BRICS nations. “BRICS was set up to undermine the dollar… if they are a member of BRICS, they have to pay 10% tariff,” he said, reiterating that “the dollar is king.”

Earlier today, Trump said that he would not extend an August 1 deadline for higher US tariffs to take effect on dozens of economies, a day after he appeared to signal flexibility on the date.

While Trump imposed a sweeping 10 percent tariff on goods from almost all trading partners in April, higher rates customized to dozens of economies were unveiled, then halted until July 9.

The president this week again delayed their reimposition, pushing it back to August 1.

Trump insisted that there would be no further delay in these steeper tariffs.

He added that the levies would start being paid on August 1, in line with letters now being sent out to trading partners.

"No extensions will be granted," he posted on Truth Social. "There will be no change."

On Monday night, Trump had told reporters at a dinner that the August 1 deadline was "firm, but not 100 percent firm."

Pressed on whether the letters marked his final offers, Trump replied: "I would say final -- but if they call with a different offer, and I like it, then we'll do it."

In a push for further trade deals, Trump sent letters to more than a dozen partners on Monday, including key US allies Japan and South Korea.

Products from both countries would be hit with 25 percent duties, Trump wrote in near-identical documents to leaders in Tokyo and Seoul.

Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties ranging from 25 percent to 40 percent.

Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia received notably lower levels.

In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies.