Donald Trump's tariff letters to hit 12 countries as trade deadline chaos looms
Treasury Secretary Scott Bessent warned 100 smaller nations they'll face April's original tariffs if they don't hurry up. "If you don't move things along, you'll boomerang back," he said Sunday. Only the UK and Vietnam have deals so far, everyone else faces chaos. Businesses worldwide are panicking, unsure if their goods will get taxed .
Vietnam relatively got the best deal: Its exports to America face 20% tariffs (down from 46%), but "transshipped" Chinese goods will get hit with 40%. The UK kept its 10% rate but opened its markets to U.S. cars and aircraft. Meanwhile, Japan was called "spoiled" by Trump and may face 35% tariffs, higher than April's 24%.The EU is sweating over threatened 50% taxes on its cars and cheese. All weekend, EU leaders argued: Germany wants any deal to avoid disaster, while France refuses a 'bad deal'. India might get last-minute mercy, but Trump grumbled, 'Letters are easier than talks'.Canada escaped the letters, at least for now. Ambassador Pete Hoekstra promised a "real deal" by July 21, but warned Canada might still pay some tariffs. Thailand offered a last-minute deal: more U.S. farm sales and Boeing jet buys to avoid 36% tariffs. South Korea begged for extra time, even offering factory partnerships.White House adviser Kevin Hassett hinted some countries could get deadline extensions if they're "close to a deal," but Trump snapped, "Not really" when asked about flexibility. The confusion is crushing businesses. "You can't plan costs when rules change weekly," said trade expert Clark Packard.
The tariffs could make everything from electronics to groceries pricier for Americans. Though Trump claims "foreign countries pay," experts confirm U.S. importers foot the bill and pass costs to consumers. A 10% baseline tariff has already been in place since April, but jumps like Japan's potential 35% would cause bigger price hikes.
Legal battles might save some: A U.S. court already ruled most tariffs illegal, but the decision is on hold. For now, the chaos continues. "We'll see," Bessent teased about Wednesday's deadline, adding deals might pop up "very quickly." But with 200+ trade partners, most will likely face taxes or empty promises.
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Time of India
18 minutes ago
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'Close to making deal with India': Trump announces as US slaps tariffs on 14 nations
US President Donald Trump warned that nations not ready to bow down to US terms will be punished with new tariffs read more US President Donald Trump on Monday (July 7) announced that his administration was 'close to' reaching a trade deal with India, as Washington imposed fresh tariffs on several nations. 'We've made a deal with the United Kingdom. We've made a deal with China. We are close to making a deal with India,' Trump told reporters at the White House during a private dinner with Israeli PM Benjamin Netanyahu. Trump warned that nations not ready to bow down to US terms will also be punished with new tariffs. STORY CONTINUES BELOW THIS AD 'Others we met with, and we don't think we're going to be able to make a deal, so we just send them a letter,' Trump said. 'We're sending out letters to various countries telling them how much tariffs they have to pay.' Deal with India Trump in his statement didn't mention about the nature and scope of the deal with India; however, he signalled his willingness to offer flexibility to countries raising legitimate concerns. 'Some will maybe adjust a little bit depending if they have a cause,' he added. 'We're not going to be unfair about it.' Earlier, media reports emerged that India had made the US aware of its certain red lines, including its concerns in dairy and agricultural sector. The reports said US negotiators have acknowledged India's concerns, and they are mulling offering 'limited relief' on dairy products. India is meanwhile considering offering tariff concessions on certain US-made electronic goods. Trump previously noted that India seems open to reducing trade barriers, which could pave the way for an agreement before the July 9 deadline. 'Right now, India doesn't accept anybody in. I think India is going to do that. If they do, we're going to have a deal for less—much less—tariffs,' Trump remarked, referencing the 26% reciprocal tariffs he announced on April 2, which are currently suspended pending trade negotiations. Trump's recent remarks on trade deal with India come as the US administration on Monday expanded tariffs on imports from Japan, South Korea, Myanmar, Laos, South Africa, Kazakhstan, Malaysia, Tunisia, Indonesia, Bosnia, Bangladesh, Serbia, Cambodia, and Thailand. The tariff slabs will come into effect from August 1, according to letters posted by Donald Trump on Truth Social. STORY CONTINUES BELOW THIS AD
