The U.S. President is set to notify trading partners about new tariffs beginning on August 1, with some countries facing levies as high as 70%. Trump plans to send approximately 10 or 12 letters to key trading partners, aiming to complete notifications by July 9. Discussions with countries like South Korea and the European Union are at a critical stage. If implemented, tariffs could raise the average duty on U.S. imports from 3% to around 20%, significantly higher than prior proposals which ranged from 10% to 50%.
The duties, set to take effect on 1 August, could see some countries face levies of up to 70% on exports to the United States.
Trump's approach, widely seen as part of his America First trade agenda, leaves little room for negotiation.
During the interim, a 10% rate was applied. Should the full slate of tariffs be enacted next week, Bloomberg Economics estimates the average duty on US imports could rise to around 20%.
Countries would start to pay on 1 August. The money will start coming into the United States on 1 August.
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