President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.Acknowledging the complexity of negotiating with over 170 nations, Trump told reporters before departing for Iowa on Thursday that the letters will be sent to 10 countries at a time, laying out tariff rates such as 20% to 30%.We have more than 170 countries, and how many deals can you make? Trump said.
Theyre very much more complicated.The Republican president said he expected a couple more detailed agreements with other countries after Wednesdays announcement of a trade deal with Vietnam.However, he said he preferred to notify most other countries of a specific tariff rate, skipping detailed negotiations.Trumps comments underscored the challenges of completing trade agreements on everything from tariffs to non-tariff barriers such as bans on agricultural imports.Top Trump aides said in April they would work on 90 deals in 90 days, an ambitious goal that was met with skepticism from trade experts familiar with arduous and time-consuming trade deals of the past.Treasury Secretary Scott Bessent told Bloomberg Television that about 100 countries are likely to see a reciprocal tariff rate of 10% and predicted a flurry of trade deals announced before a July 9 deadline when tariffs could rise sharply.If 10% tariffs were given to 100 countries, that would be fewer than originally envisioned by the Trump administration.Its original reciprocal tariff list showed 123 jurisdictions that would be given a 10% tariff rate - mostly small countries, along with some territories such as Australias uninhabited Heard and McDonald Islands.Trump sent markets into a tailspin on April 2 with sweeping reciprocal tariff rates ranging from 10% to 50%, although he temporarily reduced the tariff rate for most countries to 10% to allow time for negotiations through July 9.Many countries with an initial 10% duty rate have not had any negotiations with the Trump administration, with the exception of Britain, which reached a deal in May to keep a 10% rate and won preferential treatment for some sectors including autos and aircraft engines.Major trading partners now involved in negotiations were hit with much higher tariff rates, including 20% for the European Union, 26% for India and 24% for Japan.
Other countries that have not engaged in trade talks with the Trump administration face even higher reciprocal tariffs, including 50% for the tiny mountain kingdom of Lesotho, 47% for Madagascar and 36% for Thailand.Trump on Wednesday announced an agreement with Vietnam that he said cuts U.S.
tariffs on many Vietnamese goods to 20% from his previously threatened 46%.
Many U.S.
products would be allowed to enter Vietnam duty free.Source: Reuters--Agencies