President Donald Trump announced on Saturday that he has signed tariff letters for 12 countries, which will be sent out on Monday, July 7. These letters outline a “take-it-or-leave-it” tariff proposal, with rates varying by country and goods - from a 10% base, potentially rising up to 70% - set to take effect August 1.

Trump made the announcement aboard Air Force One en route to New Jersey, though he declined to name which nations are being targeted. The move follows his strategy from April: impose a base 10% tariff across the board, with additional charges deferred during a 90-day suspension ending July 9 .

The administration has faced setbacks in negotiating comprehensive trade deals with major partners like Japan, the EU, and India, leading to this shift toward unilateral tariff letters. According to Trump, this letter-driven approach is “much easier” than complex negotiations.

So far, final deals have been reached only with the UK and Vietnam. With the deadline approaching, the identities of the 12 countries and the tariff details will be revealed on July 7.