Trump to start sending tariff letters; global duties to begin August 1

The US administration will start sending letters informing trading partners of their tariff rates as soon as Friday, as negotiations to avoid higher US levies enter the final stretch, President Donald Trump said.

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He added that 10-12 countries will get letters on Friday and will range in value from 60-70 per cent and 10-20 per cent, and countries will have to start paying tariffs from August 1, said Trump.

"They'll be fully covered and they'll range in value from maybe 60 or 70 per cent tariffs to 10 and 20 per cent tariffs," he said.

Speaking to the reporters, the US President said that about "10 or 12" letters would go out Friday, with additional letters coming "over the next few days."