US tariffs of 10-70% will apply starting August 1, says Trump
What's the story
US President Donald Trump has announced that his administration will start sending letters to trading partners informing them of their respective tariff rates. The move comes as negotiations to avoid higher US levies are nearing conclusion. "They'll be fully covered and they'll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs," Trump said.
Implementation timeline
Trump warns countries to strike deals by July 9 deadline
Trump has said that the first batch of tariff letters will be sent out on Friday, covering some 10-12 countries. These tariffs are expected to range between 60%-70% and 10%-20%, depending on the negotiations done with trading partners. The US President had previously warned that if countries did not strike deals by a July 9 deadline, he would impose higher rates on them.
Trade agreements
US has announced trade deals with UK, Vietnam
So far, the Trump administration has announced trade deals with the UK and Vietnam. It also reached a truce with China, leading to both countries easing their respective tariffs. An interim trade deal is being negotiated with India and could be announced in the coming days. The new tariff announcement is likely to impact these ongoing negotiations and future trade relations between the US and other countries.