Trump targets 12 countries with new US import tariffs as 90-day suspension nears end

Malay Mail

a day ago

WASHINGTON, July 5 — US President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the 'take it or leave it' offers to be sent out on Monday.
Trump, speaking to reporters aboard Air Force One as he travelled to New Jersey, declined to name the countries involved, saying that would be made public on Monday.
Trump had earlier on Thursday told reporters that he expected a first batch of letters to go out on Friday, a national holiday in the United States, though the date has now shifted.
In a global trade war that has unsettled financial markets and forced policymakers to protect their economies, Trump in April announced a 10 per cent base tariff rate and additional amounts for most countries, some reaching as high as 50 per cent.
However, all but the 10 per cent base rate were later suspended for 90 days to allow time for negotiations to secure trade deals.
That suspension period ends on 9 July, although Trump said early on Friday that the tariffs could go even higher — up to 70 per cent — with most set to take effect on 1 August.
'I signed some letters and they'll go out on Monday, probably twelve,' Trump said, when asked about his tariff plans.
'Different amounts of money, different amounts of tariffs.'
Trump and his top aides initially said they would launch negotiations with many countries on tariff rates, but the US president has since grown disillusioned with that process after repeated setbacks with major trading partners, including Japan and the European Union.
He briefly addressed that late on Friday, telling reporters: 'The letters are better ... much easier to send a letter.'
He did not comment on his earlier prediction that broader trade agreements could be reached before the 9 July deadline.
The shift in the White House's strategy highlights the difficulties of concluding trade agreements covering both tariff and non-tariff barriers, such as bans on agricultural imports, especially within a short timeframe.
Most trade agreements in the past have taken years to finalise.
The only completed trade agreements so far are with Britain, which reached a deal in May to maintain a 10 per cent rate and secured preferential treatment for some sectors including autos and aircraft engines, and with Vietnam, which saw tariffs on many Vietnamese goods cut to 20 per cent from a previously threatened 46 per cent, while many US products would be allowed into Vietnam duty free.
A deal expected with India has yet to materialise, and EU diplomats on Friday said they had failed to achieve a breakthrough in talks with the Trump administration and may now seek to maintain the status quo to avoid tariff hikes. — Reuters