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There is reportedly confusion over how a July 9 higher tariff deadline for some countries. (Image: Getty)
Donald Trump has threatened nations that support BRICS countries (Brazil, Russia, India, China and South Africa) with a 10% tariff. "Any country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy," The US President wrote on his Truth social media network. It comes as Trump's administration is said to be close to finalising several trade pacts, and states are to be notified of their tariff rates by July 9, which will take effect on August 1.
However, the director of the National Economic Council, Kevin Hassett, has reportedly suggested that this deadline could be extended for some countries. Mr Trump has said officials plan to start sending letters today to US trade partners outlining new the new levies they face. “It could be 12, maybe 15 [letters],” the president told reporters, “and we’ve made deals also, so we’re going to have a combination of letters and some deals have been made.” The correspondents are thought to be delivered at 5pm BST.
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8 hours ago13:58 Adam Toms
China negotiations and TikTok
Scott Bessent declined to tell CNBC if negotiations on new ownership of TikTok, which Mr Trump had said would start this week, would be linked to trade talks with China.
The President said on Friday that the US “pretty much” had a deal on the sale.
“I think we’re gonna start Monday or Tuesday... talking to China – perhaps President Xi or one of his representatives – but we would, we pretty much have a deal,” Trump told reporters on Air Force One.
Mr Bessent said he would meet with his Chinese counterpart in the next couple of weeks.
"I think there are things for us to do together if the Chinese want to do it, so we will discuss whether we are able to move beyond trade into other areas," the Treasury boss told CNBC.
The ownership of TikTok is being discussed. (Image: Getty)
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8 hours ago13:56 Adam Toms
Letters 'not necessarily ultimatum'
Treasury Secretary Scott Bessent has said that the letters being sent to countries today would not necessarily provide an ultimatum.
He told CNBC:
It's just 'thank you for wanting to trade with the United States of America'.
We welcome you as a trading partner, and here's the rate, unless you want to come back and try to negotiate.
8 hours ago13:31 Adam Toms
Tariff letters expected at 5pm
Donald Trump wrote on his Truth social media platform: "I am pleased to announce that the UNITED STATES tariff Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th.
"Thank you for your attention to this matter!"
The President has sounded optimistic, telling reporters: "I think we'll have most countries done by July 9, either a letter or a deal."
8 hours ago13:16 Adam Toms
US 'busy' over next 72 hours
Trump's Treasury Secretary Scott Bessent said yesterday that the world should expect significant agreements in the coming days.
“There’s a lot of foot dragging on the other side, and so I would expect to see several big announcements over the next couple of days,” he told CNN.
He added, “We’re going to be very busy over the next 72 hours.”
However, Mr Bessent also hinted that the deadline for deals could be extended to August 1.
Scott Bessent is Trump's Treasury chief. (Image: Getty)
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9 hours ago13:01 Adam Toms
Malaysia responds to Trump
Malaysia, which is facing a 24% tariff rate, has said it will maintain an independent foreign and economic policy and is focused on trade facilitation not ideological alignment, according to Reuters.
The news agency was citing the country's its trade ministry.
Malaysia was accepted as a BRICS partner country in October.
In May, Malaysia's Trade Minister Tengku Zafrul Aziz said he was optimistic of achieving a trade deal with Washington to reduce trade levies after two meetings.
Malaysia's Trade Minister, Tengku Zafrul Aziz. (Image: Getty)
9 hours ago12:53 Adam Toms
EU chief has 'good exchange' with Trump
The president of the European Commission had a “good exchange” with Donald Trump on Sunday.
A spokesperson for Ursula von der Leyen told reporters during a daily press briefing earlier today:
We want to reach a deal with the US [by July 9]. We want to avoid tariffs. We believe they cause pain. We want to achieve win-win outcomes, not lose-lose outcomes.
Ursula von der Leyen has spoken with Trump. (Image: Getty)
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9 hours ago12:34 Adam Toms
Welcome to our blog
Welcome to our blog as a deadline for countries to reach a trading arrangement with the US looms.
Trump says tariffs will be avoided if deals are agreed by Wednesday, July 9.
Letters are due to be sent today outlining the levies states face.
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