Trump tariffs live updates: Trump says he'll send letters to over 150 countries, plans tariff barrage Aug. 1
President Trump on Wednesday said he would be sending letters to over 150 countries as he plans a barrage of duties to take effect Aug. 1, including levies on pharmaceutical imports and semiconductors.
"We're just going to send a notice of payment out, and the notice of payment is going to say what the tariff" rate will be, Trump said. "It’s all going to be the same for everyone, for that group."
Earlier, Trump said drug and chip levies would come in August, putting them on track to be implemented alongside the paused "reciprocal" tariffs laid out in April, as well as planned tariffs on copper imports.
The latest moves come as Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries. The letters set new baseline tariff levels at 20% to 40% — except for a 50% levy on goods from Brazil in a move that waded into the country's domestic politics.
Last week, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The EU has been preparing an extensive list of counter-tariffs that would affect $84 billion of American products should talks fail. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as "the deals" themselves.
On Tuesday, Trump said his team has struck a trade deal with Indonesia that will see goods from the country face a 19% tariff, lowering the rate he had threatened in his letter.
As markets focus on US talks, here is where things stand with other key partners:
Vietnam: Trump said a deal with Vietnam is "pretty well set." Two weeks ago, Trump said the pact would see the country's imports face a 20% tariff — lower than the 46% Trump threatened in April. In addition, there's a higher 40% tariff "on any transshipping" — when goods shipped from Vietnam originate elsewhere, like China.
India: Trump's tariffs on Brazil have raised the stakes for India, another member of the BRICS coalition. Bloomberg reported that the countries are working toward a framework deal that could see US tariffs on goods from India drop below 20%.