Trump Announces New Tariffs to Take Effect on August 1, with Maximum Rate Reaching 70%

BlockBeats News, July 5th. According to CCTV News, on July 4th local time, U.S. President Trump stated that the U.S. government would begin sending letters to trade partners from that day, setting new unilateral tariff rates. Trump said the new tariffs would most likely take effect from August 1st.

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

Regarding the new tariffs to be set, Trump said, "The tariff rate could range from 60%, 70% to 10%, 20%." Trump stated, "We have completed the final text (of the letter), which will basically explain how much tariff these countries are going to pay."

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