Tariff letters to 12 nations signed, going out Monday: Trump

Washington: US President Donald Trump has signed letters imposing tariffs on exports from 12 countries, scheduled for dispatch on Monday, July 7.

Addressing the media aboard Air Force One, the president stated that the identities of the countries receiving the letters would be disclosed only on Monday.

"I signed some letters and they'll go out on Monday, probably 12. Different amounts of money, different amounts of tariffs,”

"The letters are better. It is much easier to send a letter," Trump added.

He hinted that some of the reciprocal tariffs could escalate up to 70 per cent, with implementation expected from August 1.

Back in April, the US had introduced a base tariff of 10 per cent on most imported goods, with increased rates targeted at select countries including China. These elevated tariffs were later deferred until July 9.

Meanwhile, Washington has finalised trade deals with the United Kingdom and Vietnam.

India’s top-level delegation, led by chief negotiator Rajesh Agrawal, has returned from Washington without concluding a definitive agreement with US counterparts. Talks centred on the contentious trade issues of agricultural and dairy imports—a focal point for the US but a delicate matter for India due to its implications for small-scale farmers.

Still, there remains cautious optimism that a high-level interim bilateral trade agreement might be struck before the July 9 deadline.

The Indian delegation was in Washington from June 26 to July 2 for the negotiations.

Commerce Minister Piyush Goyal reaffirmed India’s stance, stating that the country will not be rushed into signing a free trade agreement under any imposed deadline.

India is ready to make trade deals in the national interest, but it "never negotiates trade deals with a deadline", Goyal stated while speaking at an event in New Delhi.

While the US is pressing for greater access to India's agricultural and dairy markets, India is seeking exemption from the proposed 26 per cent tariffs by finalising an interim deal. Simultaneously, India is advocating for tariff relief on its key labour-intensive exports, such as textiles, leather, and footwear.

(inputs from IANS)