US President Donald Trump said on Friday that he had signed 12 trade letters to be sent out next week ahead of an impending deadline for his tariffs to take effect.
“I signed some letters and they’ll go out on Monday, probably 12,” Trump told reporters aboard Air Force One, adding that the countries to which the letters would be sent will be announced on the same day.
His comments come days before steeper duties – which the president said on Thursday would range between 10 and 70 per cent – are set to take effect on dozens of economies, from Taiwan to the European Union. The tariffs were part of a broader announcement in April where Trump imposed a 10pc duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days.
But he swiftly paused the hikes until July 9, allowing for trade talks to take place.
With less than a week to go before July 9, Pakistan and the United States concluded a critical round of trade negotiations yesterday, reaching an understanding on a deal that could shape the future of the country’s key export sectors.
The Pakistani delegation, led by Commerce Secretary Jawad Paal, was aiming to finalise a long-term reciprocal tariff agreement that would prevent the re-imposition of a 29 per cent tariff on Pakistani exports – primarily textiles and agricultural products.
The agreement, when signed, could lead to increased Pakistani imports of US goods – notably crude oil – and potential American investment in Pakistan’s mining, energy, and infrastructure sectors.
Projects like the Reko Diq copper and gold mine and related energy infrastructure were a focus of the discussions. The deal could also pave the way for expanded engagement through the US Export-Import Bank.
Countries have been pushing to strike deals that would help them avoid these elevated duties.
So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other’s products.
As his July 9 deadline approaches, Trump has repeatedly said he plans to inform countries of US tariff rates by sending them letters.
Aboard Air Force One on Friday, Trump said sending notices would be much easier than “sitting down and working 15 different things”.
He added: “You know, with the UK, we did that. And it was great for both parties. With China, we did that, and I think it’s very good for both parties.”
But he said it was “much easier to send a letter saying, ‘Listen, we know we have a certain deficit, or in some cases a surplus, but not too many. And this is what you have to pay, if you want to do business [with] the United States'”.