Trump says tariff rates could be up to 70% as letters ship out

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The new duties will go into effect on 1 August, and letters will be sent out to countries in batches announcing new tariff rates. Bloomberg reported that “10 or 12” letters will be sent on Friday, with the next set to be sent out “over the next few days”.

Trump told reporters, “I think by the ninth they’ll be fully covered,” referring to the deadline for countries to either comply or deny the new import duties set by the US. “They’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” he stated.

The US is still amid trade deals with hundreds of partners. With China, the US laid off on export restrictions in May, which led to a cooldown of trade tensions after months of threatening to increase rates. Similarly, Canada has resumed trade talks after the digital services tax was scrapped.

US negotiations with Japan are still ongoing, with the Trump stating that Japan will face duties higher than 30-35%.

The European Union is willing to accept a 10% universal tariff, according to reports, but will seek exemptions in several sectors. Trump has threatened a 50% duty on the EU’s imports.

US Treasury Secretary Scott Bessent stated that around 100 trade partners will likely receive a “reciprocal” rate of 10% by next week, and that a “flurry” of deals will be negotiated before 9 July.

On Thursday, the US House of Representatives passed the ‘big beautiful’ bill that could increase national debt by $3.3 million, makes tax cuts for Trump’s first presidency permanent, and cut Medicaid.