President Donald Trump said he would send letters to more than 150 countries notifying them of tariff rates as he pushes ahead with a trade agenda that has sent US partners racing to avoid higher import taxes.
“We’ll have well, over 150 countries that we’re just going to send a notice of payment out, and the notice of payment is going to say what the tariff” rate will be, Trump told reporters on Wednesday at the White House. “It’s all going to be the same for everyone, for that group.”
“They’re not big countries, and they don’t do that much business,” Trump added about the trading partners that would receive upcoming letters.
Trump in recent days has unleashed a flurry of tariff demands, informing other economies of new duties that will kick in on Aug. 1 if they cannot negotiate better terms with the US. The letters extended what was initially a July 9 deadline for another three weeks, setting off a frantic dash for trading partners looking to avoid higher levies.
While Trump and his advisers initially expressed hopes of securing multiple deals with trading partners, the president has been touting the tariff letters themselves as “deals” and suggesting that he is uninterested in back-and-forth negotiations. Still, Trump has left the door open for countries to make agreements that could lower those rates.
The rates imposed so far are largely similar to those Trump threatened in April and then quickly paused after market volatility, but the letters have injected further uncertainty into financial markets and surprised partners such as the European Union who had been hoping to conclude tentative deals with the US.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
