Trump to Impose Tariffs Up to 70% as Trade Deal Deadline Nears

Trump Signals New Tariffs as High as 70% With Global Trade Deadlines Approaching

President Donald Trump has signaled a dramatic escalation in his trade strategy, announcing plans to impose tariffs as high as 70% on select US trading partners. The move comes as a self-imposed July 9 trade negotiation deadline draws near, with few deals finalized and global economic tensions on the rise.

Speaking to reporters at Joint Base Andrews early Friday, Trump confirmed that the White House will begin sending official tariff notifications to 10 to 12 countries per day over the next five days. The new tariff rates are expected to go into effect on August 1, 2025.

“They’ll range from maybe 60% or 70% tariffs to 10% and 20% tariffs,” Trump said. “We’ve done the final form, and it’s going to explain what the countries are going to be paying in tariffs.”

High Stakes as the Deadline Nears

The new tariff strategy builds on Trump's earlier move in April, where he imposed "reciprocal" tariffs of up to 50% on major trading partners. The looming threat of even higher duties has sent global markets tumbling, pushing US equities into bear-market territory, while also weighing heavily on bonds and the US dollar.

While the exact list of targeted countries has not yet been released, Trump has frequently criticized the European Union and Japan, calling the latter “spoiled” and suggesting tariffs could hit 35%. Still, it's unclear whether those remarks are negotiation tactics or policy in motion.

Flexibility for Some Countries — But Not All

Trump’s comments on Friday suggested little room for flexibility, even for countries still negotiating with the US.

“They’ll start to pay on August 1. The money will start to come into the United States on August 1, in pretty much all cases,” Trump stated.

However, conflicting statements from top officials suggest a possible softening behind closed doors. Treasury Secretary Scott Bessent said trade talks could extend into Labor Day, and Press Secretary Karoline Leavitt noted the July 9 deadline is “not critical” for countries negotiating in good faith, such as India.

How Many Deals Are Actually Done?

Despite Trump’s frequent claims that “200 trade deals” are close to completion, only a handful of frameworks have been publicly acknowledged:

• United Kingdom – narrow framework in place

• China – limited deal announced

• Vietnam – Trump claims a deal is reached, but no signed agreement has been published

“We talked to many of the countries, and we’re just going to tell them what they have to pay to do business in the United States,” Trump said. “It’s going to go very quickly.”

What Could Be Impacted?

If enforced, the new tariffs could apply to a wide range of goods including:

• Automobiles

• Consumer electronics

• Agricultural products

• Industrial machinery

Economists warn that these steep import taxes may trigger global supply chain disruptions, increase prices for US consumers, and lead to retaliatory tariffs from affected nations.

Market Reaction and Economic Impact

Global markets have already reacted to the looming threat. While US financial markets were closed for the Independence Day holiday, global stocks and futures fell, anticipating a wave of trade volatility.

Investors and analysts are particularly concerned that a 70% tariff rate would mark the most aggressive move in the modern history of US trade policy, with long-term inflationary effects and a chilling impact on business investment.