Trump Administration Prepares Resuming Tariffs
(MENAFN) US Leader Donald Trump has announced that his administration will start informing trading partners about the imposition of new tariffs on their exports.
This move comes as he prepares to reinstate tariffs that were temporarily suspended during trade negotiations, which are scheduled to expire next week.
Since his return to office in January, Trump has initiated a tariff strategy aimed at safeguarding American manufacturers.
This initiative reached its peak on April 2, a day he dubbed ‘Liberation Day,’ when he introduced a broad 10 percent tariff on all imports alongside higher rates targeting goods from China, Mexico, Canada, and the European Union.
Some tariffs were paused for a 90-day period to facilitate negotiations, but this window is set to close on July 9.
During a briefing with reporters on Friday morning, Trump revealed that “10 or 12” notification letters would be dispatched that day, with additional notifications expected “over the next few days.”
“By the ninth they’ll be fully covered,” Trump explained, referring to the deadline for countries to secure agreements and avoid increased import tariffs.
“They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”
He also mentioned that smaller nations would be informed at a later stage, with their tariffs becoming effective starting August 1.
“It’s a lot of money for the country, but we’re giving them a bargain,” he stated, without specifying particular countries or industries. Earlier in the week, Trump dismissed the possibility of extending the ongoing trade talks.
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