XIAOGU New Wholesale OEM ODM External Battery Factory Power Banks Manufacturer Supplier
On June 6, U.S. President Donald Trump announced on social media that his administration would release tariff letters or agreements with trade partners by noon on the 7th. Reports indicate that Trump plans to impose tariffs as high as 70% on goods from certain countries starting August 1.
Trump previously stated that the U.S. government began sending letters to trade partners on the 4th, outlining new unilateral tariff rates. He claimed the new tariffs would “almost certainly” take effect on August 1. According to sources, the U.S. will send out “10 or 12 letters” initially, with more to follow in the coming days.
Regarding the new tariffs, Trump clarified that “rates could range from 60%, 70%, down to 10%, 20%.” He confirmed that the final drafts of the letters had been completed, specifying the exact tariffs each country would face.
In April, Trump imposed 50% “reciprocal” tariffs on most U.S. trade partners. He had set July 9 as the deadline for tariff negotiations. While it remains unclear which countries will receive these letters, Trump has previously criticized the EU and Japan for being too rigid in talks.
In an interview aboard Air Force One, Trump confirmed to reporters that he had signed letters addressed to “roughly 12” countries, set to be sent out on the 7th. He described these letters as a “take it or leave it” ultimatum.
Meanwhile, U.S. trade data released by the Commerce Department showed that Trump’s tariff policies continue to strain the economy. Both imports and exports shrank in May, widening the trade deficit. Consumer goods imports fell by $4 billion, with declines in apparel and toy shipments.
Bloomberg warned that if the new tariffs exceed the “reciprocal” rates, they could increase inflationary risks for the U.S. economy. CNN noted that the 50% tariffs in April pushed U.S. stocks into bear market territory, triggering massive sell-offs in bonds and the dollar—70% tariffs could be even more disruptive.
So far, the Trump administration has reached agreements with the UK and Vietnam. The UK secured a deal in May, maintaining a 10% base rate with exemptions for key sectors like automobiles. Vietnam successfully lowered tariffs on some goods from a threatened 46% to 20%.
Estimates suggest that if the U.S. raises all “reciprocal tariffs” to the threatened levels by July 9, the average U.S. import tariff could jump from 3% pre-Trump to around 20%, further exacerbating inflation and growth pressures.
With less than a week left until the U.S. deadline, the EU, Japan, and India have all emphasized their intent to protect their interests. On the 4th, India notified the WTO that it plans to impose retaliatory tariffs on the U.S. in response to American duties on Indian auto and auto parts exports.
Dongguan Xiaogu Electronic Technology Co., Ltd.
Add: Facaite Industrial Area No.2 Longpu Rd,Tangxia town, Dongguan City,Guangdong,China 523686
