Trump to reinstate sweeping tariffs
Since returning to office in January, Trump has launched a tariff campaign aimed at protecting US manufacturers. The campaign culminated on April 2 with a set of measures on what he called 'Liberation Day', including a blanket 10% tariff on all imports and steeper rates for goods from China, Mexico, Canada, and the EU. Some of the tariffs were paused for 90 days to allow negotiations, which are now due to end on July 9.
Speaking to reporters early Friday, Trump said '10 or 12' notification letters would be sent that day, with more to follow 'over the next few days.'
'By the ninth they'll be fully covered,' he said, referring to the deadline for countries to reach deals and avoid higher import tariffs. 'They'll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.'
Trump said smaller countries would be notified later, with tariffs taking effect from August 1. 'It's a lot of money for the country, but we're giving them a bargain,' he added, without naming specific countries or sectors. Earlier this week, he ruled out extending talks.
The US has so far reached agreements with the UK and Vietnam, and declared a truce with China after previous tariffs sparked a trade war that shook global markets.
Treasury Secretary Scott Bessent said on Thursday that Washington was close to a high-level framework deal with the EU that could avert 50% tariffs on the bloc's exports next week.
Trump has long accused the EU of unfair trade practices, arguing that the bloc's regulatory framework fuels the transatlantic trade imbalance. EU trade ministers have criticized the UK-US deal – which keeps a 10% baseline tariff on British exports while easing tariffs on steel and cars – and warned of possible retaliation unless the bloc secures better terms.
Bessent said around 100 countries could face a minimum 10% rate, though further deals are likely. 'I think we're going to see a lot of action over the coming days,' he told Bloomberg.
The Organization for Economic Co-operation and Development (OECD) warned this week that the tariffs could disrupt global supply chains and drag growth down to 2.9% through 2026.
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