Trump plans to start notifying countries of U.S. tariffs up to 70%

·Donald TrumpTrump plans to start notifying countries of U

Mark Schiefelbein—AP PhotoUS President Donald Trump said his administration will bably start notifying trading partners Friday of the new US tariff on their exports effective Aug. 1, while reiterating a preference for simplicity over complicated negotiations five days before his deadline for deals

US talks with economies from Indonesia and South Korea to the European Union and Switzerland are reaching critical stages, where the most contentious issues are hammered out

Trump’s threat, which fits his pattern of issuing ultimatums to break any impasses, aligns with earlier statements that some nations won’t have a say in their tariff level

The top tier of his new tariff range, if formalized, would be higher than any of the levies the president initially outlined during his “Liberation Day” rollout in early April

Trump didn’t elaborate on which countries would get the tariffs or whether that meant certain goods would be taxed at a higher rate than others

Trump said that countries would “start to pay on Aug

The money will start going to come into the United States on August 1. ” Tariffs are typically paid by the importer, or an intermediary acting on the importer’s behalf

But often it’s fit margins or the end consumer that ultimately absorb much of the cost

Stocks in Asia and Europe dropped along with the dollar

US equity and Treasury closed for the Fourth of July holiday

The lagged effect of tariffs on inflation has some Federal Reserve officials wary of cutting interest rates

The Fed has held off on lowering rates this year — despite intense pressure from Trump — in part to determine whether tariff-driven price hikes might evolve into more persistent cost-of-living pressures

Trump has long threatened that if countries fail to reach deals with the US before next week’s deadline, he would simply impose rates on them, raising the stakes for trading partners that have rushed to secure agreements with his administration

He initially announced his higher so-called “recical” tariffs on April 2, but paused those for 90 days to allow countries time to negotiate, putting in place a 10% rate during that interval

That would add to growth and inflation risks for the US economy

So far, the Trump administration has announced deals with the UK and Vietnam and agreed to truces with China that saw the world’s two largest economies ease tit-for-tat tariffs and lower export controls

Asked Thursday if more deals were on the way, Trump responded that “we have a couple of other deals, but you know, my inclination is to send a letter out and say what tariffs they are going to be paying. ” “It’s much easier,” he said. “I’d rather just do a simple deal where you can maintain it and control it. ” Trump announced the Vietnam deal on Wednesday, saying that the US would place a 20% tariff on Vietnamese exports to the US and a 40% rate on goods deemed transshipped through the nation — a reference to the practice whereby components from China and possibly other nations are routed through third countries on their way to the US

And many of the particulars of the deal are still un, with the White House yet to release a term sheet or publish any clamation codifying the agreement

After Trump’s announcement, Vietnam said the negotiations were still

Indonesia is confident it is close to securing a “bold” trade deal with the US that will span critical minerals, energy, defense cooperation and market access ahead of the looming tariff deadline, according to the nation’s chief negotiator on Friday

Many major trading partners, however, such as Japan, South Korea and the European Union, are still working to finalize their accords

South Korea’s top trade official will visit the US this weekend with fresh posals in a last-minute bid for a reprieve before higher tariffs are scheduled to kick in

The US president has expressed optimism reaching an agreement with India but has spoken harshly the spects of an accord with Japan, casting Tokyo as a difficult negotiating partner

He intensified his criticism this week, saying that Japan should be forced to “pay 30%, 35% or whatever the number is that we determine. ” Trump on Tuesday also said he was not considering delaying next week’s deadline

Asked any potential extension of talks, US Treasury Secretary Scott Bessent said earlier Thursday that Trump would make the final call. “We’re going to do what the president wants, and he’ll be the one to determine whether they’re negotiating in good faith,” Bessent said on CNBC when asked whether the deadline might be lengthened

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