The administration plans to send letters to US trade partners to inform them of changes in tariff rates, which may include rates of 12% to 15%. The new tariff rates will go into effect on August 1, extending the period of uncertainty for importers. The treasury secretary mentioned that significant trade agreement announcements would be forthcoming, especially with the European Union. Additionally, smaller trade partners will receive notifications about reverting to previously set tariff levels if negotiations do not progress.
Donald Trump announced that letters will be sent to US trade partners dictating new tariff rates. The rates could be 12 or maybe 15 percent.
Tariffs will go into effect on August 1, with rates being set and deals finalized in the meantime, as President Trump indicated on Sunday.
Scott Bessent stated that several significant trade agreements would be announced soon, highlighting progress in talks with the European Union and communication with smaller countries.
Letters will notify smaller trading partners that, if negotiations don’t progress by August 1, they will revert to higher tariffs initially set on April 2.
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