American President Donald Trump has formally signed a series of tariff notices that will be aimed at imports from 12 nations, with the letters to be sent out on Monday, July 7.
Addressing reporters on his plane, Air Force One, Trump refused to reveal the countries receiving the letters until they are officially released. "I signed some of the letters and they will go out on Monday, likely 12. Various amounts of money, various amounts of tariffs," the President said.
He added, "The letters are better. It is much simpler to send a letter."
Trump also indicated that the retaliatory tariffs might surge substantially—potentially up to 70% for some nations—once imposed on August 1.
In April, the President had initially proposed a starting tariff of 10% on the majority of imports into the U.S., applying even higher rates to some countries, including China. Those increased rates have been temporarily suspended and are set to come into effect on July 9.
In the interim, Washington has completed trade deals with two countries—the United Kingdom and Vietnam—limiting the extent of the recent round of tariffs.
In the meantime, India's high-level trade mission, headed by chief negotiator Rajesh Agrawal, wrapped up a recent series of negotiations in Washington without finding common ground on vital matters, notably access for American agricultural and dairy exports.
While no deal was made, there still is guarded optimism that a limited trade agreement can be negotiated at the political level before the July 9 deadline.
The Indian team negotiated with U.S. officials from June 26 to July 2 on the structure of an interim deal.
But Indian Commerce Minister Piyush Goyal made it abundantly clear that India will not be hurried into signing any deal. Addressing a function in New Delhi, Goyal said that though India is available for trade arrangements that benefit national interest, it "never negotiates trade deals with a deadline."
The most contentious issue in the negotiations has been the U.S. insistence on wider market access for American agricultural and dairy industries—sectors that India regards as highly sensitive on account of their crucial role in the lives of small farmers.
As India tries to get relief from the impending 26% tariff by concluding a limited deal, it is also seeking beneficial tariff cuts on major export products such as textiles, footwear, and leather, which are crucial to the nation's labor-intensive sectors.
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