U.S. President Donald Trump announced that his administration will begin enforcing unilateral tariffs starting August 1, unless countries reach trade deals by the July 9 deadline.
Speaking to reporters, Trump said 10 to 12 notification letters would be sent out on July 4, with more to follow. “I think by the 9th they’ll be fully covered,” he said, adding that the tariffs would range between 10% and as high as 70%.
These proposed rates exceed the original 10% to 50% range introduced under Trump’s “Liberation Day” initiative in April. He did not specify which countries or goods would be affected, but confirmed that “the money will start coming in on August 1.”
Trump had initially announced the tariff plan on April 2 and granted a 90-day pause for negotiations, applying a 10% rate during that period.
So far, the U.S. has struck deals with the UK and Vietnam, and reached a truce with China. The Vietnam deal, announced on July 2, includes a 20% tariff on exports and a 40% rate on goods suspected of transshipment.
While full details of the Vietnam agreement remain unpublished, the news boosted investor sentiment, especially for American firms operating in Vietnam.
Key trading partners like Japan, South Korea, and the EU are still negotiating. Trump has criticized Japan as a tough partner, saying they may have to “pay 30%, 35%, or whatever we determine.”
U.S. Treasury Secretary Scott Bessent confirmed that only Trump will decide whether the deadline is extended, based on the progress of talks.
