Trump threatens 70pc tariffs as deadline looms
Speaking before his 90-day pause on global tariffs ends on July 9, Mr Trump said he plans to start contacting countries about new levies as early as Friday.
'We're going to start sending letters out to various countries, starting tomorrow,' he told reporters late on Thursday night, claiming that import taxes would 'range in value from maybe 60pc or 70pc tariffs to 10pc and 20pc tariffs'.
This marks a significant increase in the tax hit that some countries could face, as his previous threats have seldom gone beyond 50pc.
It also suggests the president has given up on some of America's dealmaking efforts even before the scheduled the end of the tariffs suspension.
Trading partners including the European Union, Japan, South Korea, India and Indonesia are racing to get deals with the White House wrapped up before next Wednesday.
Mr Trump would not be drawn on which countries were in the Friday firing line. Only Britain, China and Vietnam have landed deals with the White House so far.
However, markets appear to be shrugging off the prospect of a hefty tariff blow to global trade, taking Mr Trump's threats as either bluster or negotiating tactics.
'Investors assume that if 70pc taxes are announced, Trump will retreat,' said Paul Donovan, the chief economist at UBS Global Wealth Management.
There is also a widespread expectation that the tariff pause, which began shortly after Mr Trump's 'liberation day' tariffs announcements on April 2, could be extended for countries negotiating in good faith.
Scott Bessent, the US treasury secretary, last week said talks with some key countries might stretch into early September. But Mr Trump, asked on Thursday if there was any flexibility around the July 9 deadline, said: 'Not really.'
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