Trump’s tariff letters to 12 nations set to land on Monday, with rates up to 70%
The US president, who had initially said he wanted face-to-face trade negotiations, has soured on that process after repeated setbacks
Speaking to reporters aboard Air Force One as he travelled to New Jersey, Trump declined to name the countries involved, saying that would be made public on Monday.
The president had earlier on Thursday told reporters that he expected a first batch of letters to go out on Friday, a national holiday in the US, though the date has now shifted.
In a global trade war that has upended financial markets and set off a scramble among policymakers to guard their economies, Trump in April announced a 10 per cent base tariff rate and additional amounts for most countries, some hitting as high as 50 per cent.
However, all but the 10 per cent base rate were subsequently suspended for 90 days to allow more time for negotiations to secure deals.
That period ends on July 9, although Trump early on Friday said the tariffs could be even higher – ranging up to 70 per cent – with most set to go into effect on August 1.