With just days left before his self-imposed deadline, former President Donald Trump says he’s ready to slap tariffs as high as 70% on countries that haven’t reached new trade agreements with the United States.

Speaking at Joint Base Andrews early Friday, Trump announced the White House will begin sending formal notices to around a dozen countries per day starting immediately. These letters will outline new tariff rates that, in most cases, are set to take effect on August 1.

“They’ll range from maybe 60% or 70% tariffs to 10% and 20% tariffs,” Trump told reporters. “We’ve finalized the letters. They’ll explain exactly what each country will be paying.”

A Three-Month Moratorium Nears Its End

Back in April, Trump gave U.S. trading partners a three-month window to negotiate so-called “reciprocal” trade deals—or face steep penalties. At the time, he imposed tariffs as high as 50% on many nations. Now, with the July 9 deadline just days away, Trump appears set on following through.

The news sparked global concern, even as U.S. markets remained closed for the Independence Day holiday. International markets and futures dipped on the announcement, reflecting investor anxiety over escalating trade tensions.

Who’s on the Tariff List?

The exact list of countries receiving new tariff notices hasn’t been confirmed. However, Trump has repeatedly singled out Japan and the European Union as examples of nations he believes are taking advantage of U.S. trade policy.

Earlier this week, he threatened to send a letter to what he called “spoiled” Japan, possibly setting its tariff rate as high as 35%. Whether that move was a serious threat or just part of his negotiating playbook remains unclear.

According to Trump, most countries will receive their notices by July 9. But some flexibility may still be on the table for nations actively negotiating in good faith.

Mixed Signals from the Administration

Despite Trump’s tough stance, members of his administration have offered a more measured tone. White House Press Secretary Karoline Leavitt recently noted that “the deadline is not critical” for countries like India, which are still negotiating.

Treasury Secretary Scott Bessent echoed that view in a Fox Business interview, suggesting that talks could extend to Labor Day if progress is being made. However, Trump contradicted that softer messaging Friday, saying, “Not really,” when asked about deadline extensions.

“They’ll start to pay on August 1,” Trump said. “The money will start to come into the United States on August 1, in pretty much all cases.”

Still, Bessent told Bloomberg TV that a “flurry” of deals may be signed before July 9. For countries that don’t reach an agreement, Trump suggested they could still face a minimum 10% tariff under baseline rules announced on April 2—dubbed “Liberation Day” by the former president.

Only a Few Deals Finalized So Far

Despite Trump’s bold claims that “200 deals” were nearly done, only a few trade frameworks have been formally announced. So far, the administration has only confirmed agreements with the United Kingdom and China, with Vietnam being mentioned by Trump in a social media post—though no formal terms have been released.

“As we get to the smaller countries, we’re pretty much going to keep the tariffs the same,” Trump added.

Trump admitted that finalizing hundreds of trade deals in such a short timeframe wasn’t realistic.

“You know, we have 200 countries,” he said. “We can’t do that. So at a certain point… we’re just going to tell them what they have to pay to do business in the United States.”

A Strategy Two Months in the Making

The idea of imposing new tariffs on countries that fail to make a deal has been circulating since late April. But the deadline has shifted multiple times.

• April 23: Trump said tariffs would be imposed on countries failing to negotiate in “the next few weeks.”

• May 16: He extended that to “two to three weeks.”

• Now: The letters are said to be going out “sometime tomorrow.”

“It’s just much easier,” Trump concluded. “We have far more than 170 countries, and how many deals could you make?”

As the clock ticks down, the world is watching closely. Whether Trump’s aggressive tariff strategy will drive countries to the negotiating table—or trigger another round of global economic tension—remains to be seen.

Source: CNN – Trump says he is about to raise tariffs as high as 70% on some countries

The post Trump Plans Tariffs Up to 70% as Deadline Looms for Trade Negotiations appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

Just 48 hours after former U.S. President Donald Trump unveiled sweeping new tariffs on countries around the world, including a staggering 34% tariff on all Chinese imports, Beijing struck back with matching measures on American goods and companies. China’s Commerce Ministry didn’t mince words, calling the move “a mistake upon a mistake” and warning that “China will fight to the end” if provoked further.

“The U.S. threat once again exposes its blackmailing nature. China will never accept it,” the ministry said in a strongly worded statement.

Rather than scrambling to strike deals like many U.S. allies caught in the tariff crossfire, China is standing firm, presenting itself as a calm and confident counterbalance to what it calls “unilateral bullying” by the U.S.

The official line from Beijing? China’s economy can take the hit—and might even come out stronger.

“US tariffs will have an impact, but the sky won’t fall,” read a commentary in the state-run People’s Daily, China’s Communist Party mouthpiece.

“The more pressure we get, the stronger we become.”

Beijing’s narrative is one of resilience and defiance, backed by what it calls the “institutional advantages” of its political system. The leadership is betting that it can weather the storm—and perhaps even emerge as a new anchor in a shifting global trade landscape.

Trump’s latest tariff salvo threatens to bring total U.S. tariffs on Chinese goods to over 54%. In response, China rolled out its own 34% tariffs and announced restrictions on key U.S. exports like rare earth minerals—critical components in electronics and defense tech.

Not stopping there, Trump doubled down, warning that unless China drops its retaliatory tariffs, the U.S. will impose an additional 50% duty midweek. He also canceled previously requested trade talks with Chinese officials.

This high-stakes game of economic chicken is fueling concerns that the world’s two largest economies are locked in a spiral with no off-ramp in sight.

“No high-level diplomacy means no safety valve,” said Craig Singleton, a senior fellow at the Foundation for Defense of Democracies.
“The longer this drags on, the harder it becomes for either side to de-escalate without losing face.”

As Trump’s tariff agenda sweeps across allies and rivals alike, Beijing is trying to reshape its image—from authoritarian powerhouse to defender of open markets.

“China will only continue to open its doors wider,” the Foreign Ministry said Saturday, adding that it remains committed to globalization “regardless of the changing international landscape.”

Chinese officials have been busy wooing American businesses. Vice Commerce Minister Ling Ji recently hosted a meeting with U.S.-funded companies like Tesla and GE HealthCare, pitching China as a “safe, promising place for investment.”

The message? If the U.S. wants a trade war, China’s not afraid. And for countries weary of rising protectionism, China is ready to be a steady partner.

Economists and scholars inside China say this trade war isn’t just about money—it’s about shaping the future of global trade.

“China and the U.S. are now direct rivals in reshaping the international trade order,” said Professor Ju Jiandong from Tsinghua University.
“We’re ready to compete.”

But skepticism lingers. Beijing has long used its massive market as leverage, and some countries remain wary of becoming too dependent on Chinese exports. Still, with U.S. tariffs slamming allies like Japan, South Korea, and the EU, many nations may be forced to look eastward for economic stability.

Even in cautious Singapore, Prime Minister Lawrence Wong didn’t sugarcoat it:

“The era of rules-based globalization is over. We’re entering a new phase—more arbitrary, protectionist, and dangerous.”

Despite its confident front, China isn’t immune to the fallout. After years of grappling with a real estate crisis, high local government debt, and post-COVID economic sluggishness, the trade war adds fresh pressure.

To counter the export drag, China has rolled out new policies to boost domestic consumption, with state media promising “extraordinary efforts” to keep the economy growing.

Unlike Western governments, China’s leadership doesn’t face voter backlash. But economic stability remains crucial to maintaining public trust and political legitimacy.

With both Washington and Beijing locked into their positions, the tariff battle shows no signs of easing. And with each new escalation, the global economy inches closer to a new—and far more uncertain—trade era.

How far will it go? That remains the trillion-dollar question.

Source: CNN – China calls Trump’s new tariff threat ‘a mistake upon a mistake’ and looks for opportunity in global trade war

The post China Pushes Back Hard as Trump’s Tariff War Escalates appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.

‘Ridiculous Fees’ and U.S. Generosity

“The fees being charged by Panama are ridiculous, especially given the extraordinary generosity the U.S. has shown to Panama,” Trump declared. Referring to the tolls as a “complete rip-off,” he vowed to put an end to the situation immediately.

Trump further described the canal as a “vital national asset” for the U.S., emphasizing its importance for commerce and national security. He also warned against allowing the canal to fall into the “wrong hands,” a veiled reference to China’s growing influence in the region.

Historical Context: U.S.-Panama Relations and the Canal’s Control

The Panama Canal, completed by the U.S. in 1914, remains a key shipping route between the Atlantic and Pacific Oceans. The U.S. relinquished full control of the 51-mile canal to Panama in 1999 under the Torrijos-Carter Treaties, which had been negotiated in 1977 by President Jimmy Carter. The treaties included provisions allowing the U.S. to defend the canal’s neutrality.

Today, the canal is administered by the Panama Canal Authority. The U.S. is its largest customer, accounting for about 75% of the cargo passing through annually, with China as the second-largest user. A Hong Kong-based Chinese company also operates two of the five ports adjacent to the canal, one on each end.

Drought-Driven Challenges

Severe drought conditions have severely impacted the canal’s operations. From October 2023 to September 2024, the number of ships transiting the canal dropped by 29%, falling from 14,080 vessels the previous fiscal year to 9,944. The disruption has added to global supply chain pressures, according to U.S. National Economic Council Director Lael Brainard.

Rising Geopolitical Tensions

Trump’s remarks reflect a likely shift in U.S. diplomacy, especially regarding China. In his post, Trump asserted that the canal “was not given for the benefit of others,” warning that if Panama failed to adhere to what he described as the moral and legal principles of the treaties, the U.S. would demand the canal’s return.

“This is not China’s to manage,” Trump said, adding that the canal must remain aligned with U.S. and Panamanian interests. “To the officials of Panama, please be guided accordingly!”

Potential Competitor: Nicaragua’s Canal Proposal

Adding to the complexities, Nicaraguan President Daniel Ortega recently announced plans for a new interoceanic canal, spanning 276.5 miles (445 km). Ortega pitched the project to Chinese investors at a regional summit, citing frustrations with Panama’s waterway. The proposal rekindles an idea dating back to 1854 when the U.S. first considered constructing a canal through Nicaragua.

Panama’s Response Pending

An official from Panama’s government acknowledged Trump’s statements and promised a formal response in the coming days. Meanwhile, the geopolitical implications of Trump’s rhetoric and the competition posed by Nicaragua’s canal proposal underscore growing tensions in Central America’s strategic waterways.

Source

The post Trump Demands Panama Canal Return, Calls Fees ‘Ridiculous’ appeared first on Journos News - Breaking News, World News, Top Stories, Todays Headlines and Flash Reports.