Catenaa, Thursday, June 12, 2025- President Donald Trump said on Wednesday that the letters will be sent to the trading partners in the next week or two, setting unilateral tariff rates.
“At a certain point, we’re just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,” Trump said at the Kennedy Center in Washington.
Soon after introducing steep new tariffs that roiled markets, Trump instituted a pause on his most punitive duties, which expires on July 9.
Trump said he would be willing to extend a July 8 deadline for concluding trade negotiations before new US tariffs take effect, though he added, “I don’t think we’re going to have that necessity.” He cited progress with countries including Japan, South Korea, and the European Union.”
Earlier on Wednesday, Treasury Secretary Scott Bessent told Congress that it is “highly likely” that the tariff pause would be extended for countries that are negotiating with the administration “in good faith.”
“There are 18 important trading partners — we are working toward deals on those — and it is highly likely that those countries that are … negotiating in good faith, we will roll the date forward,” Bessent said during testimony before the House Ways and Means Committee.
On Tuesday, the US and China agreed to a framework and implementation plan to ease tariff and trade tensions. Trump signaled his approval, saying the deal was “done” pending sign-off from him and Chinese President Xi Jinping.
Trump said the US would impose a total of 55% tariffs on Chinese goods. Trump arrived at that figure by adding together an array of preexisting duties and not any new tariffs.
Meanwhile, though Trump’s most sweeping tariffs continue to face legal uncertainty, on Tuesday, the president received a favorable update. A federal appeals court upheld a decision saying his tariffs can temporarily stay in effect. The US Court of International Trade had blocked their implementation last month, deeming the method used to enact them “unlawful.”
