Trump Says Countries Have To Start Paying Tariffs On Aug. 1, With Rates From 10% To 70%

US President Donald Trump said that his administration will start sending out letters to trading partners on July 4 setting unilateral tariff rates, which he said countries would have to begin paying on Aug. 1.

- 

WASHINGTON -

Mr. Trump told reporters that about "10 or 12" letters would go out on July 4, with additional letters coming "over the next few days."

"I think by the ninth they'll be fully covered," Mr. Trump added, referring to a July 9 deadline he initially set for countries to reach deals with the U.S. to avoid higher import duties he has threatened.

"They'll range in value from maybe 60 or 70 percent tariffs to 10 and 20 percent tariffs," he added.

The top tier of that range, if formalized, would be higher than any tariffs the President initially outlined during his "Liberation Day" roll-out in early April. Those ranged from a 10 percent baseline tariff on most economies up to a maximum of 50 percent.

Mr. Trump did not elaborate on which countries would get the tariffs or whether that meant certain goods would be taxed at a higher rate than others.

He said that countries would "start to pay on Aug. 1. The money will start going to come into the United States on Aug. 1."