
BIX ARTICLE
Trump to send first tariff letters starting Monday
Jul 08, 2025
|
4 min read
Featured Posts
SRI Sukuk: The Journey Towards Sustainable and Responsible Investment
Jul 23, 2020
|
5 min read
Securities Commission's Capital Market Masterplan 3 (CMP3)
Sep 21, 2021
|
2 min read
What If We Allowed Retail Investors to Directly Invest in Malaysia’s Government Bond?
Aug 24, 2021
|
8 min read
Islamic Bonds Come Under Microscope After Garuda Indonesia Default
Aug 19, 2021
|
8 min read
WASHINGTON: US President Donald Trump has announced he will send the first tariff letters to various countries, days before his deadline for trading partners to reach a deal expires.
Trump said on Sunday that he will send a first batch of up to 15 letters, warning that US levies on imports will snap back to the high levels he set in April if countries fail to make agreements.
But Treasury Secretary Scott Bessent said that the tariffs would not “boomerang” back until Aug 1 – giving some extra breathing space for dealmaking on a subject that has injected uncertainty into global markets.
“I am pleased to announce that the US tariff letters, and/or deals, with various countries from around the world, will be delivered starting 12 noon (Eastern time) Monday, July 7,” Trump said on his Truth Social network.
In a later post, he threatened a further 10% tariff on countries aligning themselves with the emerging BRICS nations (founded by Brazil, Russia, India, China and South Africa) accusing them of “anti-Americanism” after they slammed his tariffs at a summit on Sunday.
Trump had announced sweeping tariffs on April 2, which he called “Liberation Day”, imposing a 10% duty on imports from almost all trading partners.
As markets plunged, Trump paused the tariffs for 90 days to allow for talks – a deadline which expires tomorrow.
But so far there have been limited results, with Washington unveiling deals only with Britain and Vietnam, while agreeing with China to temporarily lower staggeringly high levies on each other’s products.
Trump told reporters as he boarded Air Force One earlier on Sunday that it “could be 12, could be 15” letters that he would send out.
“I think we’ll have most countries done by July 9, either a letter or a deal,” Trump said, adding that some deals had been made already.
Standing at his side, US Commerce Secretary Howard Lutnick confirmed tariffs would kick in on Aug 1, but denied that it was a way of delaying the deadline.
“The president is setting the rates and the deals right now.”
Bessent also denied that Trump was setting a new deadline with the Aug 1 date.;
“It’s not a new deadline. We are saying, this is when it’s happening. If you want to go back to the old rate, that’s your choice,” he said.
Bessent added that the playbook was to apply “maximum pressure” and cited the EU as an example, saying they are “making very good progress” after a slow start.
Earlier, he hinted at “several big announcements” on deals in coming days but would not say with which countries.
EU and US negotiators held talks over the weekend, and France’s Finance Minister said on Saturday he hoped they could strike a deal as well.
Other countries were still expressing unease, however.
Japan’s Prime Minister Shigeru Ishiba said on Sunday he “won’t easily compromise” in trade talks with Washington.
And BRICS leaders of fast-growing economies meeting in Rio de Janeiro raised “serious concerns” that the “indiscriminate” import tariffs were illegal and risked hurting global trade.
Trump lashed out at the group, saying: “Any country aligning themselves with the anti-American policies of BRICS (that also includes Egypt, Ethiopia, Iran and Saudi Arabia), will be charged an additional tariff.
“There will be no exceptions to this policy,” Trump wrote. — AFP
Disclaimer
The information provided in this report is of a general nature and has been prepared for information purposes only. It is not intended to constitute research or as advice for any investor. The information in this report is not and should not be construed or considered as an offer, recommendation or solicitation for investments. Investors are advised to make their own independent evaluation of the information contained in this report, consider their own individual investment objectives, financial situation and particular needs and should seek appropriate personalised financial advice from a qualified professional to suit individual circumstances and risk profile. The information contained in this report is prepared from data believed to be correct and reliable at the time of issuance of this report. While every effort is made to ensure the information is up-to-date and correct, Bond and Sukuk Information Platform Sdn Bhd (“the Company”) does not make any guarantee, representation or warranty, express or implied, as to the adequacy, accuracy, completeness, reliability or fairness of any such information contained in this report and accordingly, neither the Company nor any of its affiliates nor its related persons shall not be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof.
YOU MAY ALSO LIKE
TUTORIAL
Jul 08, 2025
|
3 min read
TUTORIAL
Jul 08, 2025
|
4 min read
ARTICLE
Jun 05, 2025
|
5 min read
TUTORIAL
Apr 03, 2025
|
4 min read