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 — Wall Street breathed a sigh of relief Thursday as a U.S. court dealt a significant blow to President Donald Trump’s aggressive tariff policies, sparking a surge in stocks — led by tech giant Nvidia. But while the market’s early enthusiasm was strong, gains cooled as the trading day moved from Asia to New York.

The S&P 500 climbed 0.6% in morning trading, closing in on its all-time high from earlier this year. This rebound is notable, especially after the index had tumbled about 20% below that peak just last month, amid fears that the trade war might tip the U.S. economy into recession.

The Dow Jones Industrial Average rose 80 points (0.2%), while the Nasdaq, home to many tech stocks, led the charge with a 0.9% gain.

Court Ruling Challenges Trump’s Tariffs — But Uncertainty Remains

The positive momentum kicked off in Asia, where markets were first to react to Wednesday night’s ruling by the U.S. Court of International Trade in New York. The court found that the law Trump relied on — the 1977 International Emergency Economic Powers Act — does not give him the authority to impose the sweeping tariffs he ordered on imports worldwide.

However, the White House quickly appealed the ruling, and the legal battle is far from over. The court’s decision only affects some of Trump’s tariffs; others on steel, aluminum, and autos, imposed under different laws, remain in place.

Ulrike Hoffmann-Burchardi, chief investment officer at UBS Global Wealth Management, summed up the situation: “Trump is still able to impose significant and wide-ranging tariffs over the longer-term through other means.”

This ongoing uncertainty helped temper investor enthusiasm as the day progressed, especially in Europe and the U.S. But most analysts still viewed the ruling as a positive sign.

Brian Jacobsen, chief economist at Annex Wealth Management, said, “The bar is raised for President Trump to resurrect his tariffs. Markets see this as a better type of uncertainty than the previous ‘all-in’ tariff threats.”

Tech Stocks Shine — Nvidia and AI Firms Lead the Rally

On Wall Street, tech stocks were the star performers. Nvidia, a major player in the chip industry and a key driver of the AI boom, soared 4.9% after once again exceeding profit and revenue expectations for the quarter. Its strong performance was the biggest factor pushing the S&P 500 higher.

Artificial intelligence software company C3.ai also surged, jumping 29% after reporting better-than-expected profits and revealing a $350 million increase in a U.S. Air Force contract. The company posted $108.7 million in revenue for the quarter.

Meanwhile, cosmetics company E.l.f. Beauty rose 27.8%, buoyed by a strong earnings report and news it would acquire Hailey Bieber’s skincare brand, Rhode, in a $1 billion deal. Bieber, the model and wife of singer Justin Bieber, will take on a leadership role as chief creative officer and strategic advisor for the combined brands. Rhode generated $212 million in net sales over the past year.

Mixed Results for Retail and Bonds

Not all stocks enjoyed the good news. Best Buy’s shares dropped 7.8% despite beating profit estimates, as revenue fell short and the company lowered its full-year forecast. CFO Matt Bilunas noted the outlook assumes tariffs will remain unchanged and consumer spending patterns will not shift significantly.

In the bond market, Treasury yields softened slightly following mixed economic signals. The U.S. economy may have contracted less than previously thought in the first quarter, while more workers filed for unemployment benefits than expected last week.

Yields on the 10-year Treasury slipped to 4.44% from 4.47%, and the two-year yield, which is sensitive to Federal Reserve interest rate expectations, eased to 3.94% from 3.96%.

Global Markets React: Asia Surges, Europe Holds Steady

Across the globe, Asian markets responded enthusiastically. Japan’s Nikkei 225 jumped 1.9%, helping lead gains in the region.

South Korea’s Kospi also rallied 1.9%, buoyed not only by the tariff news but by a key interest rate cut from the Bank of Korea aimed at supporting the economy.

European markets, however, saw more modest movement. France’s CAC 40 inched up 0.1%, while Germany’s DAX fluctuated — starting positive but ending with a slight 0.2% dip.

What This Means Going Forward

The court’s decision marks a milestone in the ongoing trade saga but doesn’t close the book on tariffs. Legal challenges will continue, and Trump retains other tools to impose tariffs. Still, the ruling has eased some of the market’s fears about an all-out trade war’s economic fallout.

For now, investors are celebrating relief and putting their money behind companies leading innovation and growth — especially in the booming tech and AI sectors — while keeping a wary eye on the evolving political and economic landscape.

Quick Summary

A recent U.S. court ruling blocking many of Trump’s tariffs sparked a rally led by tech stocks like Nvidia, lifting markets closer to their highs. While legal uncertainties linger, the decision eased fears of an escalating trade war, giving investors hope for steadier growth. Mixed corporate earnings and cautious bond market moves show the economy remains complex, but the enthusiasm for tech innovation and global market rebounds are clear signs of optimism — at least for now.

Source: AP News – Nvidia leads Wall Street higher after a US court blocks many of Trump’s tariffs

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