Trump says US to begin sending out tariff letters to commerce companions | EUROtoday

The US authorities is to begin sending out letters to international locations with particulars of greater US tariff charges that can start on 1 August, President Donald Trump has stated.

Between 10 to 12 letters will exit on Friday, with extra over the approaching days, the president instructed reporters.

The import duties will vary from “60% or 70% tariffs to 10 to 20% tariffs,” he stated, the highest finish of which is way greater than he had beforehand outlined.

Trump has set a deadline of 9 July for negotiations over import tax charges as international locations scramble to succeed in offers.

He has beforehand stated there can be a baseline tariff of 10% on many economies as much as a 50% most.

Trump didn’t say which international locations’ items would face the US taxes, or whether or not the charges would solely apply to sure items.

“My inclination is to send a letter out and say what tariff they’re going to be paying,” he instructed reporters on Thursday. “It’s just much easier.”

He added: “We’re going to be sending some letters out, starting probably tomorrow.”

Tariffs are taxes imposed on items coming into a rustic, paid by the importer.

Those corporations could select to swallow the upper prices, however finally are prone to move them on to US shoppers.

The concept is to have extra money flowing into the US authorities, and likewise to make overseas items dearer, so boosting demand for US-made items.