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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Business Standard
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Time of India
11 minutes ago
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Time of India
14 minutes ago
- Time of India
US trade threat: Donald Trump warns Brics nations of 10% tariff hike; bloc slams US trade policies
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