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

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WASHINGTON/TOKYO, April 16 — In a surprise move, former President Donald Trump announced he will personally attend a high-stakes meeting with Japanese trade officials in Washington on Wednesday, intensifying already tense discussions sparked by his sweeping new tariffs on global imports.

Originally expected to be a lower-profile negotiation between Japanese Economic Revitalization Minister Ryosei Akazawa and U.S. Treasury Secretary Scott Bessent, the talks have now expanded — both in scope and spotlight — with Trump stepping in to push his broader agenda.

“Japan is coming in today to negotiate tariffs, the cost of military support, and ‘TRADE FAIRNESS,’” Trump posted on Truth Social.
“I will attend the meeting, along with Treasury & Commerce Secretaries. Hopefully something can be worked out which is good (GREAT!) for Japan and the USA!”

While Japan had hoped to keep the discussions limited to trade and investment, Trump has added other hot-button issues to the table — notably, Japan’s financial contributions to hosting U.S. military forces. Japan is home to the largest U.S. troop deployment overseas.

Treasury Secretary Bessent is also expected to raise the sensitive issue of currency policy, eyeing Tokyo’s approach to the yen — an issue Japan insists is not subject to manipulation for trade advantage.

Japan is one of several countries hit by Trump’s recent tariff rollout, including a 24% levy on exports to the U.S. While that rate is currently paused for 90 days, a baseline 10% tariff and a 25% duty on cars — a crucial sector for Japan — remain in effect.

Despite being one of the first to enter face-to-face negotiations, Japan is not eager to make major concessions. Prime Minister Shigeru Ishiba has made it clear his government isn’t rushing into a deal — and for now, isn’t considering retaliation.

“The U.S. is offering to not hit Japan with sticks, and Japan is stuck in a position of offering a whole lot of carrots,” said Kurt Tong, managing partner at The Asia Group and a former State Department official.
“From their perspective, it feels like economic coercion.”

Japan is just one piece of Washington’s growing web of trade talks. Last week, Bessent met with Vietnam’s deputy prime minister and is scheduled to host South Korea’s finance minister next. Italian Prime Minister Giorgia Meloni is also heading to the White House this week to talk tariffs affecting the European Union.

While the full scope of the U.S.-Japan meeting remains unclear, Bessent has floated the possibility of addressing not only tariffs and exchange rates but also Japanese investment in U.S. infrastructure — including a potential multi-billion-dollar gas project in Alaska.

Ahead of his trip, Akazawa expressed hope that Japan’s efforts to boost U.S. investment would be enough to avoid further tariffs.

“We want to show that Japan and the United States can both benefit — a win-win — without resorting to economic pressure,” Akazawa said.

Source: Reuters – Trump jumps in on tariff talks with Japanese officials

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The EU, having anticipated the move, was prepared for retaliation. However, the new tariffs add further strain to already fragile trade relations between the two economic powerhouses. Just last month, Washington warned Europe that it would need to take greater responsibility for its own security in the future.

Scope of the EU Tariffs

The retaliatory tariffs will affect approximately €26 billion ($28 billion) worth of U.S. goods, including not only steel and aluminum but also textiles, home appliances, and various agricultural products. Among the targeted goods are motorcycles, bourbon, peanut butter, and jeans—items that were also subject to tariffs during former President Donald Trump’s first term.

The EU’s tariff strategy is designed to exert pressure on key Republican-held states while minimizing additional harm to European industries. The new duties will significantly impact U.S. agricultural exports, targeting soybeans from Louisiana (House Speaker Mike Johnson’s state), as well as beef and poultry from Kansas and Nebraska. Other affected states include Alabama, Georgia, and Virginia, which produce key agricultural exports now facing increased EU duties.

EU Defends Its Trade Actions

European Commission President Ursula von der Leyen defended the EU’s decision, emphasizing the bloc’s commitment to negotiation while ensuring fair trade policies.

“As the U.S. applies tariffs worth $28 billion, we are responding with countermeasures worth €26 billion,” von der Leyen stated. The European Commission, which oversees trade policy for the 27-nation bloc, emphasized the necessity of these countermeasures to balance trade relations.

“In a world fraught with geopolitical and economic uncertainties, it is not in our common interest to burden our economies with tariffs,” she added.

The commission confirmed that its countermeasures would target steel, aluminum, textiles, leather goods, home appliances, household tools, plastics, wood, and agricultural products such as poultry, beef, seafood, nuts, eggs, sugar, and vegetables.

Trump defended his tariffs, claiming they would boost American manufacturing jobs. However, von der Leyen countered, warning of the economic repercussions:

“Jobs are at stake. Prices will go up—both in Europe and the United States. These tariffs are disrupting supply chains and creating economic uncertainty.”

American Business Groups Urge De-escalation

The American Chamber of Commerce to the EU criticized both the U.S. tariffs and the EU’s countermeasures, warning that they could harm employment and economic prosperity on both sides of the Atlantic.

“These measures will only hurt jobs, prosperity, and security,” the chamber stated. “Both sides must de-escalate and urgently seek a negotiated solution.”

What Happens Next?

This is not the first time the U.S. and EU have engaged in a trade dispute under Trump’s leadership. During his first term, the former president imposed similar tariffs on European steel and aluminum, prompting the EU to retaliate with tariffs on U.S.-made motorcycles, bourbon, peanut butter, and jeans.

The EU’s latest action will unfold in two phases:

1. April 1: The European Commission will reinstate “rebalancing measures” that were previously in place between 2018 and 2020 before being suspended under the Biden administration.
2. April 13: Additional duties will take effect, impacting €18 billion ($19.6 billion) in U.S. exports to the EU.

EU Trade Commissioner Maroš Šefčovič recently visited Washington in an attempt to prevent the escalation. After meeting with U.S. Commerce Secretary Howard Lutnick and other trade officials, he stated, “It became clear during the trip that the EU is not the problem.”

“I argued to avoid the unnecessary burden of measures and countermeasures, but you need a partner for that. You need both hands to clap,” Šefčovič said in remarks to the European Parliament in Strasbourg, France.

Impact on European Steel Industry

The European steel sector is bracing for losses, as the EU could lose up to 3.7 million tons of steel exports. The U.S. is the second-largest export market for European steel, accounting for 16% of total EU steel exports, according to the European steel association Eurofer.

With annual trade between the U.S. and EU valued at around $1.5 trillion, representing approximately 30% of global trade, the ongoing tariff dispute threatens to disrupt economic stability. While the EU maintains a significant export surplus in goods, the U.S. holds a surplus in the trade of services.

UK Takes a Different Approach

Unlike the EU, Britain has decided not to impose retaliatory measures on U.S. imports. British Business Secretary Jonathan Reynolds stated that the UK would continue to engage “closely and productively” with the U.S. to protect British business interests.

However, Reynolds did not rule out future tariffs, stating, “We will keep all options on the table and won’t hesitate to respond in the national interest.”

Conclusion

The latest round of tariffs marks another chapter in the ongoing trade tensions between the U.S. and EU. While both sides assert their positions, businesses and consumers are likely to bear the economic burden. As pressure mounts, diplomatic negotiations remain the most viable path toward de-escalation and trade stability.

Source

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