President Trump's administration will send letters informing countries about new tariffs set to begin on August 1. These tariffs have been framed as retaliatory measures against other nations' protectionist actions. While Trump often claims these tariffs are paid by foreign countries, in reality, U.S. companies pay them, leading to higher consumer prices. Months of uncertainty preceded these tariffs, following an executive order issued in April, which imposed broad tariffs. While Trump aimed for numerous individual tariff agreements, only a few have been finalized to date.
President Trump's administration announced it would send letters to countries regarding new tariffs starting August 1, indicating a series of potential deals.
Trump emphasized that tariffs are a form of retaliation against other countries' protectionist policies, despite the fact that consumption costs are ultimately borne by U.S. consumers.
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