Washington will start sending letters to countries on July 4, outlining the tariffs they will face in their trade relations with the United States, The Straits Times reported.
US Treasury Secretary Scott Besant expects about 100 countries to face a minimum tariff rate of 10%. The US Treasury Secretary said he expects a “whirlwind“ of trade agreements before the July 9 deadline, after which tariff rates could rise sharply.
The Trump administration is negotiating with trading partners to try to reach agreements to reduce tariffs before the deadline, including India, Japan and the European Union.
Acknowledging the difficulty of negotiating with more than 170 countries, Donald Trump said on July 3 that letters would be sent to 10 countries at a time, outlining tariff rates, for example, from 20% to 30%.
In April, Donald Trump's top aides said they would work on 90 deals in 90 days. This ambitious goal has been met with skepticism by trade experts familiar with the difficult and protracted trade deals of the past.
The United States' major trading partners currently involved in the negotiations face much higher rates, including 20% for the European Union, 26% for India and 24% for Japan.
Other countries not involved in the Trump administration's trade talks face even higher tariffs, including 50% for Lesotho, 47% for Madagascar and 36% for Thailand.
It was previously reported that the United States plans to raise tariffs on Kazakhstan to 27%. Samat Umirzakov, a New York businessman and president of the Global Chamber of Commerce of New York, spoke about how this will affect Kazakh-American relations.