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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NEW YORK — For many American small business owners, the latest round of tariffs on Chinese imports has pushed them to the brink. With tariffs now as high as 145%, major product shipments are stranded overseas, invoices are piling up, and future operations are uncertain.

While President Donald Trump recently hinted that the tariffs could “come down substantially,” the damage is already being felt. For small businesses operating on tight margins, the financial strain and policy unpredictability have created a crisis with no clear end in sight.

In Manchester-by-the-Sea, Massachusetts, WS Game Company—a family-run business that creates deluxe editions of Hasbro classics like Monopoly and Scrabble—has seen its 25 years of growth abruptly stall.

The company’s games, which retail for $40 and were featured on Oprah’s Favorite Things list in 2024, are manufactured entirely in China. Now, three of its shipping containers—carrying $500,000 worth of finished games—are stuck overseas. More critically, the company lost $16 million in orders from three major U.S. retailers.

“We can’t just switch manufacturers overnight,” said owner Jonathan Silva. With only about four months of financial runway left, Silva warns, “These tariffs have disrupted our business and put us on the verge of insolvency.”

In Lexington, Kentucky, Jeremy Rice co-owns House, a home décor store that relies heavily on silk flowers from China—about 90% of their inventory.

Vendors are already hiking prices by 20% to 25%, and smaller suppliers are expected to raise them even higher. Despite ordering holiday stock early, Rice only has enough everyday inventory to last a few months.

“After that, I don’t know what we’re going to do,” he said, fearing a wave of small store closures similar to what happened during the Great Recession and the pandemic.

In Ann Arbor, Michigan, Lisa McDonald, owner of TeaHaus, says the tariffs have left her with a sinking feeling. Her shop, located near the University of Michigan, has served premium teas for nearly 18 years.

With the U.S. importing almost all of its tea due to climate and cost, McDonald can’t simply shift suppliers. Her premium blends—some priced up to $33 for a 50g bag—could become unaffordable if tariffs stay in place.

“We can’t just flip a switch and grow tea in America,” she said. “It’s not realistic.”

Jim Umlauf, owner of 4Knines in Oklahoma City, makes pet-friendly seat covers and cargo liners for vehicles—products that require specialized materials from China.

Umlauf tried moving production elsewhere after the 2018 tariffs but hit roadblocks. Now, with the newest tariffs in place, he says they’re barely surviving. “We have a limited amount of inventory left, and without some relief, we’ll run out soon.”

Frustrated by the lack of response from government officials, Umlauf added: “It’s time for policymakers to understand that trade policy affects real people, not just stock prices.”

For small businesses across America—from tea sellers to board game makers—the tariff war with China is doing more than reshaping trade policy. It’s threatening their very survival. Without swift relief or support, many could soon shut their doors for good.

Source: AP News – ‘Nowhere to turn’: Small businesses dependent on imports from China are feeling more desperate

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Stellantis, the automotive giant behind popular brands like Jeep, Ram, and Citroën, has announced it will temporarily halt production at two of its plants in response to the newly imposed 25% auto tariffs. This decision follows President Donald Trump’s recent tariff announcement on imported vehicles, which is set to impact global automakers.

Starting April 7, Stellantis will suspend operations at its Windsor assembly plant in Canada for the weeks of April 7 and 14. Production is expected to resume by the week of April 21. In Mexico, the company will also pause production at its Toluca assembly plant throughout April, beginning on the same date.

As a result of these shutdowns, several Stellantis facilities in the U.S. will be affected. Temporary layoffs will take place at the Warren and Sterling stamping plants in Michigan, as well as the Indiana and Kokomo transmission plants and Kokomo casting facility. The company assured employees it will keep a close eye on the situation and make adjustments as needed.

Antonio Filosa, Stellantis’ North American Chief Operating Officer, addressed the situation in an email to employees. Filosa emphasized that the company is committed to adapting swiftly to the evolving circumstances. He assured staff that the measures being taken are necessary given the “current market dynamics.” He also acknowledged the uncertainty caused by the changing environment, reassuring employees that Stellantis is working closely with key stakeholders—including government officials, unions, suppliers, and dealers across North America—to navigate the challenges ahead.

The decision to impose a 25% tariff on auto imports, announced by Trump late last month, was framed as a move to bolster U.S. domestic manufacturing. However, the White House’s justification has raised concerns that the tariffs could put a financial strain on automakers like Stellantis, which rely heavily on global supply chains. The situation escalated further Thursday when Canadian Prime Minister Mark Carney announced that Canada would impose its own 25% tariff on U.S.-made vehicles in response to Trump’s actions.

The tariff uncertainty comes at a time when Stellantis has been grappling with its own set of challenges. CEO Carlos Tavares stepped down in December amid declining sales and mounting competition. North America, traditionally the company’s most profitable market, has been facing increased pressure as Stellantis contends with evolving market conditions and consumer preferences.

To counter these issues, Stellantis has been making significant leadership changes. In October, the company named new heads of its North American and European operations. It also unveiled plans in January to reopen an assembly plant in Illinois and begin producing the next-generation Dodge Durango in Detroit. These efforts are part of the company’s strategy to address ongoing struggles, including labor issues with the UAW.

As Stellantis navigates these turbulent waters, it remains committed to adapting to shifting market dynamics and addressing the challenges posed by both tariffs and internal struggles. The coming weeks will be critical in determining how the company responds to the evolving landscape of auto manufacturing and global trade.

Source: AP News – Stellantis temporarily halts production at 2 plants in Canada, Mexico as auto tariffs take effect

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Wall Street is set to open lower Monday morning after President Donald Trump reaffirmed his commitment to increasing tariffs, despite growing concerns about their economic impact.

Markets React to Tariff Uncertainty

• S&P 500 Futures: Down 0.1%
• Dow Jones Futures: Down 0.3%
• Nasdaq Futures: Unchanged

Trump, speaking to reporters aboard Air Force One, made it clear that he has no plans to reverse the tariff hikes scheduled for April 2.

“April 2 is a liberating day for our country,” Trump said. “We’re getting back some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing.”

The new tariffs will target autos, steel, and aluminum, adding pressure to industries already grappling with economic uncertainty.

Retail Sales Report and Consumer Confidence

Later today, the government will release its retail sales report, offering insight into consumer spending habits.

• January retail sales saw the biggest monthly decline in a year, shocking analysts and signaling potential trouble ahead.
• Fast-fashion giant Forever 21 filed for bankruptcy over the weekend, marking its second financial collapse.
• Consumers and businesses continue to report declining confidence amid ongoing tariff uncertainties and policy shifts.

Federal Reserve Faces a Tough Decision

The Federal Reserve is set to meet this week to discuss interest rates, but ongoing economic turbulence has made its job more difficult.

• Inflation showed improvement last month but remains high, with tariffs potentially pushing it even higher.
• Government spending cuts and job losses have eroded consumer and business confidence.
• The Fed is expected to keep interest rates unchanged, but future decisions could become more complicated if unemployment rises.

Global Markets Respond

Despite U.S. market struggles, European and Asian markets showed mixed reactions to the economic outlook.

Europe:

• Germany’s DAX: Up 0.3%
• France’s CAC 40: Up 0.3%
• UK’s FTSE 100: Up 0.1%

Asia:

• China’s Industrial Output: Grew nearly 6% in the first two months of the year.
• Retail Sales in China: Increased 4%, but the property market continues to decline.
• Hong Kong’s Hang Seng: Up 0.8% to 21,144.86
• Shanghai Composite: Up 0.2% to 3,426.13
• Tokyo’s Nikkei 225: Up 0.9% to 37,396.52
• Seoul’s Kospi: Up 1.7% to 2,610.69
• Australia’s S&P/ASX 200: Up 0.8% to 7,854.10
• Taiwan’s Taiex: Up 0.7%
• Bangkok’s SET: Up slightly less than 0.1%

Looking Ahead

As April 2 approaches, all eyes will be on how the market reacts to the next round of tariffs and whether the Federal Reserve adjusts its strategy in response to economic shifts. Investors will also closely monitor consumer sentiment and corporate earnings reports in the coming weeks.

Source: AP News – Stock market today: US futures slip after Trump vows to push ahead with tariff hikes

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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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A New Era of Trade Policy

President Donald Trump is preparing to shake up the global trade system by introducing new tariffs that would match the tax rates charged by other countries. The move, expected to be signed into an executive order soon, could have far-reaching consequences for the U.S. economy, international trade relations, and consumer prices.

“It’s time to be reciprocal,” Trump told reporters earlier this week. “If they charge us, we charge them.”

While the order was initially expected on Tuesday or Wednesday, no official announcement was made as of Tuesday evening. When asked if he would sign it Wednesday, Trump responded: “We’ll see what happens.”

What the New Tariffs Could Mean for the Economy

Trump’s reciprocal tariffs could effectively raise taxes on most imported goods, impacting a $4.1 trillion import market (based on U.S. Census Bureau data). This move:

Could lead to higher prices for U.S. consumers and businesses
Might trigger retaliatory tariffs from other countries
Marks a major break from past White House policies, which mostly aimed to reduce trade barriers

Trump’s economic strategy is clear: He believes tariffs will boost American jobs and revenue. However, inflation risks and economic disruptions remain a concern.

“No matter which way you slice it, costs are going to climb for consumers,” said Senate Democratic Leader Chuck Schumer. “I will work with my colleagues to undo this mess.”

Trump’s Tariff Strategy: A Political and Economic Gamble

Trump has fully embraced tariffs as a core part of his economic agenda, believing they will bring back American jobs and manufacturing. However, he has also acknowledged that import taxes could lead to short-term economic pain.

If jobs fail to materialize or inflation remains high, Democrats will likely use the issue against Trump, arguing that his policies benefit the ultrawealthy at the expense of middle-class Americans.

Tariffs Already in Place – and More to Come?

Trump has already implemented or proposed several new tariffs in recent weeks:

• China: 10% tariffs in response to its role in producing illicit fentanyl.
• Mexico & Canada: Potential tariffs if they fail to address illegal immigration and drug smuggling.
• Steel & Aluminum: Existing 2018 tariffs have been expanded, with higher rates on aluminum and the removal of exemptions.
• Future Targets: Trump has hinted at taxing imported cars, computer chips, and pharmaceutical drugs.

Global Reactions: Trade Partners Push Back

Many of the United States’ biggest trade partners are preparing countermeasures in response to Trump’s proposed tariffs.

European Commission President Ursula von der Leyen warned: “Unjustified tariffs on the EU will not go unanswered — they will trigger firm and proportionate countermeasures.”

Europe: The EU is considering tariffs on American motorcycles, jeans, bourbon, and peanut butter.
Mexico & Canada: Both countries are preparing countermeasures against new U.S. tariffs.
China: Has already retaliated against previous U.S. tariffs.

Are Tariffs a Diplomatic Tool or a Revenue Source?

According to multiple Trump aides, the long-term goal of Trump’s tariff strategy is reciprocity—ensuring fair trade practices.

However, Trump has also used tariffs as leverage in negotiations with Canada and Mexico, pushing them to do more on border security and drug trafficking.

Additionally, Trump has suggested that tariffs could generate revenue to help offset planned income tax cuts.

Wall Street Weighs In: More Tariffs Likely to Come

Analysts believe that Trump’s current tariff plan is only the beginning.

Goldman Sachs analysts stated: “It seems likely there will be many further tariff announcements.”

Morgan Stanley strategist Michael Zezas noted that tariffs would shape key economic factors, including:
Economic growth
Inflation
Interest rates
Federal Reserve policies

“This is a major shift from globalization,” Zezas explained. “Companies will no longer focus on the cheapest labor and materials offshore. This transition will take years and create both challenges and opportunities.”

What’s Next?

As Trump continues to push forward with his tariff strategy, the world waits to see:

How trading partners will respond
The economic impact on American businesses and consumers
Whether tariffs will help or hurt the U.S. job market
If inflation worsens or stabilizes

With Trump at the helm of U.S. trade policy, one thing is certain: A major economic showdown is on the horizon.

Source

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