US President Donald Trump has stated that he had signed the letters to 12 countries explaining the tariff rates they would be subject to on exports to the US.
‘Take It or Leave It’ Tariff Policy to Be Rolled Out Monday
Characterizing them as “take it or leave it” propositions, Donald Trump announced Monday that the letters would go out. In responding to reporters on board Air Force One bound for New Jersey, Trump, however, did not identify the countries, indicating they would do so on Monday.
An agreement anticipated with India did not come through, and European Union diplomats on Friday indicated that they have not been able to make a breakthrough in trade talks with the administration of President Donald Trump, and might now look to roll over the status quo in order to prevent tariff increases.
Earlier Plans Delayed Due to Holiday, Trump Confirms
On Thursday, Trump had informed journalists that he anticipated sending a first batch of letters on Friday, a United States national holiday, though the date has now changed, according to Reuters.
“I signed some letters and they will go out on Monday, probably 12,” Trump said, when asked about his plans on the tariff front. “Different amounts of money, different amounts of tariffs.”
Trump’s remarks are made ahead of steeper tariffs – which the president announced on Thursday would be between 10 and 70 per cent – that will begin being imposed on dozens of economies, ranging from Taiwan to the European Union.
Temporary Suspension Ends July 9 as Negotiations Continue
Trump included the tariffs in an overall announcement in April, when he imposed a 10 per cent tariff on imports from nearly all trade partners, intending to increase these levels for a subset within days.
But the US president quickly suspended the hikes until July 9, permitting trade negotiations. Nations have been trying to reach agreements that would keep them from paying these higher tariffs.
To date, the Trump administration has announced agreements with the United Kingdom and Vietnam, while the US and China agreed to temporarily reduce astonishingly high tariffs on goods from each other.
Trump: Letters Simpler Than Complex Negotiations
With his July 9 deadline looming, Trump has been insisting that he will notify countries of US tariff rates in letter form.
On Air Force One on Friday, Trump told reporters that issuing notices would be considerably less complicated than “sitting down and working 15 different things.”
Letter Format Tariff Notice Deemed Efficient by Trump
He added, “You know, with the UK, we did that. And it was great for both parties. With China, we did that, and I think it’s very good for both parties.”
But he said it was “much easier to send a letter saying, ‘Listen, we know we have a certain deficit, or in some cases a surplus, but not too many. And… this is what you have to pay, if you want to do business (with) the United States.'”