Catenaa, Tuesday, July 08, 2025- President Donald Trump said Sunday the United States is close to finalizing several trade agreements and will notify countries of planned tariff increases by July 9, with higher tariffs set to take effect on August 1.
The announcement comes amid ongoing efforts to reshape US trade policy following a global trade war that has unsettled markets worldwide.
Trump indicated that letters notifying trading partners of tariff hikes will be sent starting Monday at noon ET.
The tariffs, initially announced in April with a base rate of 10% and additional duties up to 50%, had their effective date delayed from July 9 to August 1, providing countries extra time to negotiate deals.
In a new policy twist, Trump introduced a 10% tariff on countries aligned with the BRICS coalition,Brazil, Russia, India, China, South Africa, and recent additions Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the UAE, with no exemptions. This move could complicate ongoing talks with some BRICS members.
US Treasury Secretary Scott Bessent said several significant trade agreements are imminent, with progress reported in talks with the European Union and India. Meanwhile, White House Economic Council Director Kevin Hassett acknowledged potential flexibility for countries actively negotiating with the US
Thailand has offered increased market access to avoid a 36% tariff, and India is reportedly close to a “mini trade deal” within days. Officials emphasize the administration’s focus on 18 key partners responsible for 95% of the US trade deficit.
Trump’s trade measures aim to pressure countries into fairer trade terms while encouraging production shifts to the US.
