Getty ImagesThe US government is to start sending out letters to countries with details of higher US tariff rates that will begin on 1 August, President Donald Trump has said.
Between 10 to 12 letters will go out on Friday, with more over the coming days, the president told reporters.
The import duties will range from “60% or 70% tariffs to 10 to 20% tariffs,” he said, the top end of which is much higher than he had previously outlined.
Trump has set a deadline of 9 July for negotiations over import tax rates as countries scramble to reach deals.
He has previously said there would be a baseline tariff of 10% on many economies up to a 50% maximum.
Trump did not say which countries’ goods would face the US taxes, or whether the rates would only apply to certain goods.
“My inclination is to send a letter out and say what tariff they’re going to be paying,” he told reporters on Thursday. “It’s just much easier.”
He added: “We’re going to be sending some letters out, starting probably tomorrow.”
Tariffs are taxes imposed on goods coming into a country, paid by the importer.
Those firms may choose to swallow the higher costs, but ultimately are likely to pass them on to US consumers.
The idea is to have more money flowing into the US government, and also to make foreign goods more expensive, so boosting demand for US-made goods.
