Trump Announces New Tariffs Effective August 1, With Rates Potentially Reaching Up to 70%

BlockBeats News, July 5 — According to a report by CCTV News, on July 4 local time, U.S. President Trump stated that the U.S. government would begin sending letters to its trade partners from that day, setting new unilateral tariff rates. Trump said the new tariffs are "very likely" to take effect starting August 1.

Trump said that beginning on the 4th, the U.S. would send letters to multiple countries, with "10 or 12" expected to be sent that day, and more letters to be sent in the coming days. Trump stated he expects all these letters to be delivered by the 9th. Previously, Trump had set July 9 as the final deadline for tariff negotiations.

Regarding the new tariffs to be set, Trump said, "The tariff rates may range from 60%, 70% to 10%, 20%." Trump added, "We have finalized the text of the letters, which will basically specify the tariff rates these countries will have to pay."

CNN reported that it is still unclear which countries will receive these letters, but Trump has previously singled out certain trade partners, including the EU and Japan, for being too tough in negotiations. Earlier this week, Trump threatened to send a letter to "spoiled" Japan, setting its tariff rate as high as 35%.