It’s Independence Day in the U.S., although the Trump administration is still busy at work. President Trump has said that the U.S. will likely begin notifying trading partners of its new tariffs today via letter if they are unable to sign a trade deal by July 9. He said that around 10 to 12 letters would be sent on Friday while more letters would be sent out over the coming days.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
“They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs,” said Trump. These new rates will be effective on August 1.
Trump Encourages Mini Trade Deals
Earlier this week, the Financial Times reported that Trump is seeking mini, phased deals instead of comprehensive agreements, as the deadline is just days away. Trump has confirmed this claim.
So far, the U.S. has signed trade deals with the United Kingdom and Vietnam. It has also agreed to a truce with China as the two sides continue to negotiate a deal.
Stay up-to-date on the latest trade developments with TipRanks’ Stock Analysis and News feed.
