Latest news with #August1
Bloomberg
9 hours ago
- Business
- Bloomberg
Trump to Send Tariff Letters, Threatens Up to 70% Tariffs
President Donald Trump said his administration will start sending out letters to trading partners on Friday setting unilateral tariff rates, which countries would have to begin paying on August 1. Trump stated that about 10 or 12 letters would go out on Friday, with additional letters coming over the next few days, and that countries would be fully covered by July 9. Trump said that tariffs would range in value from 60 or 70% to 10 and 20%, and that countries would "start to pay on August 1" with the money going to the United States. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Valerie Tytel. (Source: Bloomberg)
Yahoo
13 hours ago
- Business
- Yahoo
Trump to Send Tariff Letters on Friday, Floats 10%-70% Range
(Bloomberg) -- US President Donald Trump said that his administration will start sending out letters to trading partners on Friday setting unilateral tariff rates, which he said countries would have to begin paying on Aug. 1. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals NYC Commutes Resume After Midtown Bus Terminal Crash Chaos Struggling Downtowns Are Looking to Lure New Crowds Massachusetts to Follow NYC in Making Landlords Pay Broker Fees What Gothenburg Got Out of Congestion Pricing Trump told reporters that about '10 or 12' letters would go out Friday, with additional letters coming 'over the next few days.' 'I think by the ninth they'll be fully covered,' Trump added, referring to a July 9 deadline he initially set for countries to reach deals with the US to avoid higher import duties he has threatened. 'They'll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,' he added. The top tier of that range, if formalized, would be higher than any tariffs the president initially outlined during his 'Liberation Day' rollout in early April. Those ranged from a 10% baseline tariff on most economies up to a maximum of 50%. Trump didn't elaborate on which countries would get the tariffs or whether that meant certain goods would be taxed at a higher rate than others. Trump said that countries would 'start to pay on August 1. The money will start going to come into the United States on August 1.' Tariffs are typically paid by the importer, or an intermediary acting on the importer's behalf. But it's often the end consumer that ultimately shoulders much of the cost. 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. Asked Thursday if more deals were on the way, Trump responded that 'we have a couple of other deals, but you know, my inclination is to send a letter out and say what tariffs they are going to be paying.' 'It's much easier,' he said. Trump announced the Vietnam deal on Wednesday, saying that the US would place a 20% tariff on Vietnamese exports to the US and a 40% rate on goods deemed transshipped through the nation — a reference to the practice whereby components from China and possibly other nations are routed through third countries on their way to the US. While the rates are lower than the 46% duty Trump imposed on Vietnam initially, they are higher than the universal 10% level. And many of the particulars of the deal are still unclear, with the White House yet to release a term sheet or publish any proclamation codifying the agreement. Still, investors who have eagerly anticipated any deals between the US and trading partners were buoyed Wednesday by the Vietnam announcement, which saw share prices of American manufacturers with facilities in the country rise. Many major trading partners, however, such as Japan, South Korea and the European Union, are still working to finalize deals. The president has expressed optimism about reaching an agreement with India but has spoken harshly about the prospects of an accord with Japan, casting Tokyo as a difficult negotiating partner. He intensified his criticism this week, saying that Japan should be forced to 'pay 30%, 35% or whatever the number is that we determine.' The president on Tuesday also said he was not considering delaying next week's deadline. Asked about any potential extension of talks, US Treasury Secretary Scott Bessent said earlier Thursday that Trump would make the final call. 'We're going to do what the president wants, and he'll be the one to determine whether they're negotiating in good faith,' Bessent said on CNBC when asked whether the deadline might be lengthened. --With assistance from Catherine Lucey and Ben Holland. (Adds caveat in fifth paragraph.) SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too America's Top Consumer-Sentiment Economist Is Worried How to Steal a House China's Homegrown Jewelry Superstar Sperm Freezing Is a New Hot Market for Startups ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
15 hours ago
- Business
- Bloomberg
FTSE 100 Live: UK Stocks Set to Dip on New Tariff Worries
The weakness in stock futures is down to the trade story, which is moving back the fore once again ahead of the tariff deadline next week. US President Donald Trump said his administration will start sending letters to trading partners on Friday setting unilateral tariff rates that come into force on August 1. The deadline to reach trade deals to avoid higher import duties is July 9. Trump said the tariffs will range from 'maybe 60 or 70% tariffs to 10 and 20% tariffs,' the top tier of which would be above any levies initially outlined back in April.
