Trump Announces New Tariffs Up To 70% On Exports From August 1

US President Donald Trump has announced that his administration will begin notifying trading partners of new tariffs on their exports, effective from August 1. This move comes as a deadline for countries to reach deals with the US to avoid higher import duties approaches. Trump indicated that around 10 to 12 letters will be sent out on Friday, with additional notifications to follow in the coming days. He emphasized that these tariffs will range from 10% to 70%, marking a significant escalation from the initial tariff levels outlined in April, which ranged from 10% to 50%.

Trump's latest threat aligns with his pattern of issuing ultimatums to break negotiation impasses. The new tariff range, if formalized, would be the highest levy the president has proposed since his "Liberation Day" rollout in early April. The president did not specify which countries would be subject to these tariffs or whether certain goods would be taxed at higher rates. He reiterated that the tariffs would start being paid on August 1, with the money flowing into the US economy from that date. Typically, tariffs are paid by the importer or an intermediary acting on their behalf, but the cost is often absorbed by profit margins or the end consumer.

Trump's administration has been engaged in critical negotiations with various economies, including Indonesia, South Korea, the European Union, and Switzerland. These talks are reaching a crucial stage where the most contentious issues are being addressed. Trump's threat to impose tariffs without negotiation aligns with his earlier statements that some nations may not have a say in their tariff levels. The president has long threatened to impose rates on countries that fail to reach deals with the US before the deadline, raising the stakes for trading partners rushing to secure agreements.

Trump initially announced higher so-called "reciprocal" tariffs on April 2 but paused them for 90 days to allow countries time to negotiate. During this interval, a 10% rate was put in place. The administration has already announced deals with the UK and Vietnam and agreed to truces with China, which saw the world’s two largest economies ease tit-for-tat tariffs and lower export controls. Trump has expressed optimism about reaching an agreement with India but has been critical of the prospects of an accord with Japan, describing Tokyo as a difficult negotiating partner. He intensified his criticism this week, suggesting that Japan should be forced to pay higher tariffs.

Trump's administration has been engaged in critical negotiations with various economies, including Indonesia, South Korea, the European Union, and Switzerland. These talks are reaching a crucial stage where the most contentious issues are being addressed. Trump's threat to impose tariffs without negotiation aligns with his earlier statements that some nations may not have a say in their tariff levels. The president has long threatened to impose rates on countries that fail to reach deals with the US before the deadline, raising the stakes for trading partners rushing to secure agreements.

Trump initially announced higher so-called "reciprocal" tariffs on April 2 but paused them for 90 days to allow countries time to negotiate. During this interval, a 10% rate was put in place. The administration has already announced deals with the UK and Vietnam and agreed to truces with China, which saw the world’s two largest economies ease tit-for-tat tariffs and lower export controls. Trump has expressed optimism about reaching an agreement with India but has been critical of the prospects of an accord with Japan, describing Tokyo as a difficult negotiating partner. He intensified his criticism this week, suggesting that Japan should be forced to pay higher tariffs.

Trump's administration has been engaged in critical negotiations with various economies, including Indonesia, South Korea, the European Union, and Switzerland. These talks are reaching a crucial stage where the most contentious issues are being addressed. Trump's threat to impose tariffs without negotiation aligns with his earlier statements that some nations may not have a say in their tariff levels. The president has long threatened to impose rates on countries that fail to reach deals with the US before the deadline, raising the stakes for trading partners rushing to secure agreements.

Trump initially announced higher so-called "reciprocal" tariffs on April 2 but paused them for 90 days to allow countries time to negotiate. During this interval, a 10% rate was put in place. The administration has already announced deals with the UK and Vietnam and agreed to truces with China, which saw the world’s two largest economies ease tit-for-tat tariffs and lower export controls. Trump has expressed optimism about reaching an agreement with India but has been critical of the prospects of an accord with Japan, describing Tokyo as a difficult negotiating partner. He intensified his criticism this week, suggesting that Japan should be forced to pay higher tariffs.

Trump's administration has been engaged in critical negotiations with various economies, including Indonesia, South Korea, the European Union, and Switzerland. These talks are reaching a crucial stage where the most contentious issues are being addressed. Trump's threat to impose tariffs without negotiation aligns with his earlier statements that some nations may not have a say in their tariff levels. The president has long threatened to impose rates on countries that fail to reach deals with the US before the deadline, raising the stakes for trading partners rushing to secure agreements.

Trump initially announced higher so-called "reciprocal" tariffs on April 2 but paused them for 90 days to allow countries time to negotiate. During this interval, a 10% rate was put in place. The administration has already announced deals with the UK and Vietnam and agreed to truces with China, which saw the world’s two largest economies ease tit-for-tat tariffs and lower export controls. Trump has expressed optimism about reaching an agreement with India but has been critical of the prospects of an accord with Japan, describing Tokyo as a difficult negotiating partner. He intensified his criticism this week, suggesting that Japan should be forced to pay higher tariffs.