Trump Says Tariff Letters Imminent, Unsettling Markets

President Trump said the U.S. is poised to inform many trading partners of unilateral tariff rates of up to 70%, putting global investors on the defensive with U.S. markets closed for July Fourth.

The notices will be sent to countries by July 9, the president said. That is the White House's self-imposed deadline for ending a 90-day pause on so-called "reciprocal" tariffs first unveiled in April.

"We're going to start sending letters out to various countries starting tomorrow," Trump told reporters late Thursday.

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