Trump administration send letters to trading partners of their tariff rates. The administration stated that 10-12 countries will get letters on Friday and will range from 60%-70% and 10%-20%.
Countries will have to starts paying tariffs from August 1, stated Trump. “They covered and that they’ll range in price from 60 or 70% tariffs to 10 and 20% tariffs,” he said late Thursday (US time). Trump told reporters that around “10 or 12” letters exit Friday, with additional letters coming “over the next few days.”
Trump administration Ask countries to pay Tariffs
Trump warns that if countries fail to reach deals with a July 9 cut-off date, then he impose higher fees on them. It raise the stakes for trading commodities. So far, the administration announced offers with the UK and Vietnam and agreed to a truce with China that noted the world’s two biggest economies ease tit-for-tat tariffs.
On Tuesday, US President Donald Trump said America want to reach another deal with India. It cut tariffs for both countries and help American companies compete in India’s market of 1.4 billion customers.
Trump force the India to reduce tariffs on American goods
The Trump administration push India to open its home market by lowering tariffs on American items. Washington also demanded less complicated market get access to for genetically modified (GM) crops, which New Delhi long resisted because of health and regulatory problems. India refused on it. It mentioned the need to protects its small farmers and food safety measures, especially Minimum Support Price (MSP) regime.