US President Donald Trump said that he has signed letters to 12 countries that outlines various tariff levels that they would face the goods they export to the United States, “take it or leave it” to send proposals to be sent on Monday.
While traveling to New Jersey, Trump said while talking to reporters in the Air Force, saying, the names of the countries involved refused, saying that it would be made public on Monday.
Trump first told reporters on Thursday that he was expecting a national holiday in the United States, the first batch of letters to go out on Friday, although the date has now shifted.
In a global trade war that has dismissed the financial markets and established a scuffle between policy makers to protect its economies, Trump declared 10% base tariff rate in April and additional volume for most countries, some higher in some.
However, all but 10% base rate was later suspended for 90 days to give more time to interact to secure deals.
The period ends on July 9, although Trump said on Friday that the tariffs could be even more – up to 70% – with a set to be effective on 1 August.
“I signed some letters and they would go out on Monday, perhaps twelve,” Trump said, when his plans were asked on the tariff front. “Different amounts of money, different amounts of tariffs.”
Trump and his top colleagues initially stated that they would start interacting with countries’ scores at tariff rates, but the US President has become sour over that process after repeated failures with major business partners, including Japan and the European Union.
He told reporters that he touched by late on Friday, “Letters are better … it is very easy to send a letter.”
He did not address his prediction that some comprehensive trade agreements could be reached before the July 9 deadline.
Changes in the White House strategy reflect the challenges from tariffs to non-tariff barriers such as restrictions on agricultural imports and especially on a quick timeline to meet business agreements on everything on a quick time.
Most previous trade agreements have taken over the years to complete the dialogue.
The only trade agreements reached to date are with the UK, which reached a deal to hold a rate of 10% in May and won preferential treatment for some areas including auto and aircraft engines, and with Vietnam, the tariff on several Vietnamese goods cuts its pre -threatening threat to 46% to 20%. Many US products will be allowed to enter Vietnam duty free.
A deal required with India has failed to become physical, and the European Union diplomats said on Friday that they have failed to achieve success in business talks with the Trump administration, and now they may want to expand the status quo to avoid tariff hikes.
