Trump tariff letters going to a dozen countries Monday
Why it matters: After months of threats, Trump is abruptly re-escalating the trade war.
For businesses craving certainty, who've had a period of relative calm of late, the move could once again upset that balance.
It also injects a new risk into financial markets that have largely moved on to a post-tariff world. European stocks, and U.S. stock futures, fell Friday as Trump warned the letters were coming.
Catch up quick: Trump told reporters late Friday aboard Air Force One that about a dozen letters would go out Monday.
He didn't say which nations would be targeted, or what rates would be set.
On Thursday, he said the rates in the letters would go into effect August 1 — and warned some could be as high as 70%.
Yes, but: The administration has used a similar tactic before — taking an aggressive posture on coming tariffs, but with a deadline just far enough out that trading partners could still bring last-minute offers the president would be willing to accept.
Reports in recent days suggest multiple trading partners, including South Korea and Thailand, are scrambling to do just that.
Flashback: Trump set a new regime of sweeping global tariffs on April 2, only to pause much of it a week later.
At that time, his administration promised 90 trade days in 90 days. Through the first 85 days, it made three — with the UK, China and Vietnam.
In mid-May, Trump began indicating deals weren't really necessary, because the U.S. would simply send letters to trading partners in subsequent days setting a rate.
He made the same threat again in mid-June, and once more late in the month, noting he preferred the letters as a simpler solution than complex talks with dozens of countries.
Between the lines: Though the tariff pause is due to expire July 9, some countries, like China and Canada, have separate deadlines later in the month or next month.
Treasury Secretary Scott Bessent has indicated the deadlines are fungible and the goal is to be done with trade deals by Labor Day.
What we're watching: It's not clear how aggressive Trump intends to be with these new tariff rates.
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