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Highlights
- Donald Trump threatens up to 70% tariffs, with a July 9 deadline for trade agreements.
- Tariffs could impact global markets, driving inflation and increasing costs.
- Key countries like the EU, Japan, and Korea face potential tariff hikes.
US President Donald Trump has warned that he will impose tariffs of up to 70% on imports from several key trading partners, beginning August 1. This comes as he nears the deadline for countries to reach trade agreements with the United States. The new tariffs will affect a wide range of goods, with rates varying by country.
Donald Trump Trade Talks and Tariff Deadline
President Donald Trump set a deadline of July 9 for countries to negotiate new trade terms with the United States or face higher tariffs. According to Trump, the administration would begin sending out letters to a dozen countries on Friday, notifying them of the new tariffs. These letters will outline the tariff rates that will apply starting August 1. The new tariffs will range from 10% to 70%, depending on the country.
Trump’s administration had previously implemented a temporary 10% tariff on imports during a negotiation period that started in April. However, the president made it clear that the window for further negotiations is now closing.
“They’ll start to pay on August 1,” Trump said. “The money will start coming into the United States on 1 August.”
The White House had given countries a 90-day period to reach agreements, which Trump described as a “final opportunity.” Despite this, some countries are still in talks, and the deadline remains firm.
Possible Effects on Global Markets
The announcement of these Donald Trump tariff increases has caused concern in global markets. As countries prepare for the implementation of these tariffs, stock markets in Asia and Europe have seen a decline. Economists warn that the tariffs could add pressure on global inflation, as businesses may pass on the higher costs to consumers.
Countries that do not finalize deals by the deadline could face substantial tariff increases. According to Trump, these countries will be required to pay higher fees to access the US market. This shift could impact industries such as technology, manufacturing, and agriculture.
Economists have warned that tariffs could lead to increased costs for American consumers. Despite this, the Trump administration is determined to use tariffs as leverage to extract more favorable trade terms.
Countries Affected by New Donald Trump Tariffs
Korea, Indonesia, Switzerland and the European Union are some of the countries in urgent talks with the United States. Donald Trump has not yet disclosed the particular countries in which the highest tariffs are going to be imposed, but his recent words towards Japan are likely to affect some of them.
In previous remarks, Donald Trump has blamed nations such as Japan and the EU because they exploit trade agreements with the United States. He has also cited the threat of erecting 17% higher tariffs on EU food and agricultural produce including Belgian chocolate, Irish butter and Italian olive oil.
Although the negotiations are continuing between the US and the EU, the US leadership has threatened to start implementing the tariffs in case of failure to strike a deal prior to the July 9 deadline. This threat highlights the aggressive negotiating approach of the US as it hopes to obtain better trade terms.
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