Bloomberg reports that U.S. President Trump has announced plans to send out notifications to trade partners starting on the 4th of this month, establishing unilateral tariff rates. He indicated that countries will be required to begin paying these tariffs from August 1.
Trump informed reporters that he plans to send out around “10 or 12” notification letters on the 4th, with more to follow in the coming days. He mentioned, “I believe we should cover everything by the 9th.” The anticipated tariff rates could range significantly, from as high as 60-70% down to 10-20%.
According to Trump, the payments will start flowing into the U.S. from countries on August 1.
Bloomberg also notes that if these rates are finalized, they would represent the highest tariffs proposed by Trump compared to any previous standards set on April 2 during what he referred to as “Liberation Day.” However, he did not specify which countries would be subject to these tariffs or imply that certain goods would incur higher rates.
The report highlights that major trading partners, including Japan, South Korea, and the European Union, are still in the process of negotiating agreements. While Trump expressed optimism about reaching an agreement with India, he has been particularly critical of Japan, describing Tokyo as a challenging negotiation partner. He has increased his demands, stating that Japan should be “forced to pay 30%, 35%, or any number we decide.”
The potential implications of these tariff announcements could reshape international trade dynamics and lead to an increase in economic discussions among affected nations. As countries adapt to these changes, it may spur efforts to build stronger trade agreements that could benefit both U.S. interests and its partners.