US President Donald Trump said that his administration may begin sending out letters to trading partners as soon as Friday setting unilateral tariff rates ahead of a July 9 deadline for negotiations.
“We’re probably going to be sending some letters out, starting probably tomorrow, maybe 10 a day to various countries saying what they’re going to pay to do business with the US,” Trump told reporters on Thursday as he left Washington for an event in Iowa.
Trump has long threatened that if countries fail to reach deals with the US before next week’s deadline, he would simply impose rates on them, raising the stakes for trading partners who have rushed to secure agreements with his administration.
The US president initially announced his higher so-called “reciprocal” tariffs on April 2, but paused those for 90 days to allow countries time to negotiate, putting in place a 10% rate during that interval.
So far, the Trump 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.
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