Overview

• Twelve major trading partners will receive letters on July 7 detailing reciprocal tariffs ranging from 10% to 70% that take effect August 1 if no agreement is reached.
• Treasury Secretary Scott Bessent said the administration is close to finalizing several trade deals and will also notify about 100 smaller countries of a 10% baseline tariff.
• The shift follows stalled negotiations with the European Union, Japan and India and the July 9 expiration of a 90-day suspension on higher U.S. tariffs.
• India has rejected any deadline-driven concessions, insisting it will only sign a fully finalized agreement that protects its national interest.
• Notifying roughly 100 smaller economies extends President Trump’s hardline strategy beyond key partners and tests global willingness to meet U.S. demands under tight timetables.