Trump contemplates reinstating sweeping tariffs
(MENAFN) US President Donald Trump announced plans to notify trade partners about reinstating tariffs on their exports, as paused tariffs from ongoing trade negotiations are set to expire next week. Since taking office in January, Trump has pursued a tariff strategy aimed at shielding American manufacturers, culminating on April 2 with a broad 10% tariff on imports and higher rates on goods from China, Mexico, Canada, and the EU. Some tariffs were temporarily suspended for 90 days to allow for negotiations, but this pause ends on July 9.
Speaking to reporters, Trump said “10 or 12” notification letters would be sent immediately, with more to follow in the coming days. He indicated that tariffs could range from 10% to as high as 60 or 70%, depending on the country and product. Smaller nations would receive notices later, with tariffs taking effect starting August 1. Trump described the measures as costly but framed them as a bargain for the US, declining to specify which countries or industries would be affected. He also ruled out extending the talks.
So far, the US has struck agreements with the UK and Vietnam and reached a temporary truce with China after a trade war disrupted global markets. Treasury Secretary Scott Bessent mentioned that Washington is close to a framework deal with the EU, which could prevent 50% tariffs on EU exports next week. Trump has criticized the EU for unfair trade practices, blaming their regulations for the trade imbalance. However, EU trade ministers have voiced dissatisfaction with the UK-US deal, which maintains a 10% baseline tariff on British goods but reduces tariffs on steel and cars, warning of potential retaliation without better terms.
Bessent noted that about 100 countries could face a minimum 10% tariff, though more trade deals might emerge soon. Meanwhile, the OECD cautioned that these tariffs risk disrupting global supply chains and could reduce global economic growth to 2.9% through 2026.
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