Intel stock extends gains after report of possible U.S. government stake
Investing.com-- U.S. President Donald Trump said on Thursday that Washington will begin sending letters to major economies by Friday outlining what tariff rates their exports to the U.S. will be subject to.
Trump added that the tariffs will range between 10% to 20% and 60% to 70%, and that the levies will take effect from August 1.
Speaking to reporters in Washington, Trump acknowledged the complexity of attempting to hash out trade deals with over 170 nations, and that his administration will now skip detailed negotiations and impose flat rates.
Trump said between 10 and 12 countries will receive the first batch of letters on Friday.
His comments mark a clear shift away from earlier claims that the White House will reach 90 trade deals in 90 days. So far, the U.S. has signed trade deals only with the UK and Vietnam, and a framework deal with China.
Trump had in April unveiled sweeping trade tariffs against major economies, but had postponed their imposition by 90 days until July 9, giving countries more time to reach trade agreements with Washington.
Several countries, such as Japan, South Korea, and India, were seen racing to the negotiating table, although no agreements were reached so far.
Major U.S. trading partners now face trade tariffs ranging from 20% to 50%, with Trump having recently signaled that he will not extend his July 9 deadline.