Trump Announces New Tariffs Effective August 1, With Rates Potentially Reaching Up to 70%

According to Jinse Finance, on July 4 local time, U.S. President Trump announced that the U.S. government would begin sending letters to its trade partners that day to set new unilateral tariff rates. Trump stated that the new tariffs are "very likely" to take effect starting August 1. Beginning on the 4th, the U.S. will send letters to multiple countries, with an estimated "10 or 12" letters to be sent that day, and more letters to follow in the coming days. Trump said he expects all the letters to be delivered by the 9th. Previously, Trump had set July 9 as the final deadline for tariff negotiations. Regarding the new tariffs, Trump said, "The tariff rates may range from 60%, 70% down to 10%, 20%." He added, "We have finalized the text of the letters, which will basically specify the tariff rates these countries will have to pay." According to CNN, it is still unclear which countries will receive these letters, but Trump has previously singled out certain trade partners, including the EU and Japan, for being too tough in negotiations. Earlier this week, Trump threatened to send a letter to "spoiled" Japan, setting its tariff rate as high as 35%. (CCTV News)