The U.S. Government is to start sending out Letters to Countries with Details of Higher U.S. Tariff Rates, Trump (R) said. Between 10 to 12 Letters will go out on Friday, July 4th, with more over the coming days. The Import Duties will Range from "60% or 70% tariffs to 10% to 20% tariffs," He said.
Trump had set a Deadline of July 9th. He has previously said there would be a Baseline Tariff of 10% on many Eeconomies up to a 50% Maximum. Trump did Not say which Countries' Goods would face the U.S. Taxes, or whether the Rates would only apply to certain Goods. "My inclination is to send a letter out and say what tariff they're going to be paying," He told Reporters on Thursday. "It's just much easier."
He added: "We're going to be sending some letters out, starting probably tomorrow." Tariffs are Taxes imposed on Goods coming into a Country, paid by the Importer. Those Firms may choose to swallow the Higher Costs, but ultimately are likely to Pass them on to U.S. Consumers. The idea is to have more Money flowing into the U.S. Government, and also to make Foreign Goods more Expensive, so Boosting Demand for U.S.-made Goods.
Trump's Comments come before a Deadline next week, that could see Steeper Duties imposed on Goods from a Number of Countries. These range from the European Union, which was previously Threatened with 20% Tariffs later raised to 50%, to Japan, which could face 35% Tariffs on its Goods.
The UK and U.S. have partly Agreed a Trade Deal, covering U.S. Cars and U.S. Beef and Bioethanol, but Not Steel.
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