Trump says US will send letters setting tariff rates to trading partners
The US president told the media that about '10 or 12' letters would be sent out initially, with further letters sent out over the 'next few days'.
His administration is expected to write to all of its trading partners without a deal in place before 9 July, the end of a 90-day pause on Trump's 'reciprocal tariffs'.
'I think by the ninth they will be fully covered,' he said, referring to the deadline the US set for countries to reach bilateral trade deals to avoid higher duties. 'They will range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.'
Trump did not provide further details on which countries would get the tariffs, or whether they would be targeted at certain goods and services.
The Trump administration has so far announced deals with the UK and Vietnam, and agreed a truce with China after tariffs imposed on the world's second largest economy sparked a trade war.
On Thursday, Scott Bessent, the US treasury secretary, hinted that the US was close to a high-level 'framework' deal with the EU that would avert 50% tariffs on all exports from the bloc next Wednesday.
Trump initially revealed his programme of global tariffs on 2 April, 'liberation day', but later announced the 90-day pause to allow countries time to negotiate.
Trump put more pressure on those countries still negotiating, saying that while a 'couple' more trade deals were close to completion his 'inclination is to send a letter out and say what tariffs they are going to be paying'.
He said: 'It's much easier.'
Sign up to Business Today
Get set for the working day – we'll point you to all the business news and analysis you need every morning
after newsletter promotion
Earlier this week Trump said he would not extend the 9 July deadline for deals to be struck.
'We're going to do what the president wants,' Bessent said in an interview on Thursday. 'And he'll be the one to determine whether they're negotiating in good faith.'
On Thursday, Trump secured passage of his controversial flagship tax and spending bill, after the House of Representatives approved it.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
31 minutes ago
- Reuters
Indonesia offers to buy U.S. aircraft, wheat in tariff negotiations
JAKARTA, July 4 (Reuters) - Indonesia will offer to step up purchases of aircraft by state carrier Garuda Indonesia ( opens new tab and wheat by instant noodle giant Indofood ( opens new tab, in tariff talks with the United States, its chief economics minister told Reuters. Airlangga Hartarto, who is also the Southeast Asian nation's lead negotiator, said the government has also offered near-zero tariffs on key American exports, including agriculture products, which he said pay tariffs of between 0% and 5%. Jakarta is facing a 32% tariff in U.S. markets. It previously said it would sign a $34 billion pact with U.S. partners next week, which includes commitments to buy more U.S. goods as well as investment by Indonesian companies in the United States. "It will be near zero (tariffs for U.S. main exports), but it will depend as well on how much the tariffs we get from U.S.," Airlangga said. Garuda's CEO has said it is in discussions with U.S. Boeing (BA.N), opens new tab to buy up to 75 units of aircraft. Garuda and Indofood group did not immediately respond to requests for comment. The U.S. goods trade deficit with Indonesia was $17.9 billion in 2024, according to the U.S. Trade Representative. U.S. exports to Indonesia include soybeans, petroleum gases and aircraft, Indonesian government data showed. When asked whether the trade talks include military deals, Airlangga said they were "not part of the negotiation". Susiwijono Moegiarso, a senior official with Indonesia's Coordinating Ministry for Economic Affairs, told Reuters that in return, Jakarta has asked the United States for preferential tariffs on its main exports, including electronics, textiles and footwear. "We want them to lower the tariffs (for those goods) as low as possible," he added. Indonesia has also offered the United States opportunities to invest in critical minerals projects, including in its abundant resources of copper, nickel and bauxite.
Reuters
31 minutes ago
- Reuters
Alstom wins 2 billion euro railcar deal in New York
July 4 (Reuters) - France's Alstom ( opens new tab has received a 2 billion euro ($2.4 billion) order from the New York Metropolitan Transportation Authority (MTA) to supply M-9A railcars for the Long Island Rail Road and Metro-North Railroad, the train maker said on Friday. The contract, which was announced by MTA in June, will be booked in the second quarter of the 2025/26 fiscal year, Alstom said. MTA last month said that pilot railcars from Alstom would be delivered in 2029 and enter passenger service on the Long Island Rail Road in 2030. All 316 railcars that were part of this order were expected to be delivered by 2032, it added. Those include 160 cars for the Long Island Rail Road and 156 for the Metro-North Railroad. MTA Chair and CEO Janno Lieber said in June that the deal was an early step in the agency's plan to purchase nearly 2,000 railcars as part of its $10.9 billion capital plan. Redburn Atlantic analyst James Moore said the contract supports expectations for a strong second quarter for Alstom after an expected slower start to its financial year. Moore estimated that Alstom booked orders of around 4.1 billion euros in the first quarter that ended in June, slightly below analysts' consensus, but said it was on track to exceed expectations with orders of more than 6 billion euros in the second quarter. Analysts polled by Visible Alpha have forecast second-quarter orders at 5.1 billion euros, he said. Alstom's shares were broadly unchanged compared to last close as of 0832 GMT, after rising 1.4% in early trading in Paris. ($1 = 0.8486 euros)
BBC News
34 minutes ago
- BBC News
Former Newcastle Brown Ale site could become golf complex
The former home of Newcastle Brown Ale production could be transformed into a £40m multi-storey golf and entertainment have been lodged to convert the former Federation Brewery site in Gateshead into a three-storey leisure facility with 102 hitting bays alongside event spaces, a bar and restaurant, rooftop terrace and lounge UK said the development near the Metrocentre would create 300 construction jobs and up to 400 roles once the leisure attraction is up and Council's planning and development committee will meet on Wednesday to decide on the application. Early financial predictions claim the Lancaster Road project would also bring in £150m to £250m over a 10-year is estimated the entertainment complex would attract up to 450,000 visitors per year, with plans for 400 parking spaces, according to the Local Democracy Reporting council's assessment states that while the scheme does not adhere to a draft area plan on account of reducing future home developments and open space, the economic and regeneration benefits outweigh those report concludes: "The site's location - immediately adjacent to Metrocentre and bounded by major highways - makes it uniquely suited to a large-scale leisure use, without direct conflict with existing residential areas."While the proposal limits some elements of the AAP's [Area Action Plan] vision, it also accelerates delivery, raises the area's profile and introduces anchor activity to support further investment."Newcastle Brown Ale was produced on the site from 2005 until 2010 when Heineken closed Dunston Brewery and moved its operations to facility was demolished in to create a leisure venue on the site were announced in 2022 after the Metrocentre Partnership bought the deal came about three years after the former owner, Intu, announced it was looking at redeveloping the collapsed into administration in 2020, a move reported at the time as one of the most significant corporate causalities of the Covid-19 crisis. Follow BBC North East on X, Facebook, Nextdoor and Instagram.
