Countries prepare for tariff hikes

US PRESIDENT Donald Trump has said he would send letters to select trade partners facing tariff hikes as early as yesterday, piling pressure on countries to strike a deal with Washington before a new August 1 deadline.

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The White House announced sharp levies on dozens of economies in April, citing a lack of “reciprocity” in trade relations, which were set to kick in on tomorrow.

Trump announced on Friday the levies’ imposition would be pushed to August 1 to allow time for talks to wrap up, but said he signed 12 letters to inform some countries of rate hikes, which will likely be sent on Monday.

With Treasury Secretary Scott Bessent saying the administration was “close to several deals,” where do things stand for economies from Taiwan to the EU?

The EU said it is “ready for a deal” with Washington, with the bloc’s trade chief meeting his US counterparts Thursday.

European Commission President Ursula von der Leyen said the EU was targeting an “agreement in principle” when it came to the initial July 9 cutoff.

Bessent said the EU is “making very good progress” after a slow start.