- Donald Trump is set to reinstate tariffs of up to 70 per cent on numerous countries, as many anticipated trade deals have not materialised.
- Letters will be dispatched to 10 countries at a time from Friday, ahead of the 9 July deadline for nations to finalise trade agreements to avoid higher duties.
- The president did not specify which countries would be affected but noted the complexity of negotiating with over 170 nations.
- Treasury Secretary Scott Bessent indicated that approximately 100 countries could face 10 per cent reciprocal tariffs, with the president determining if negotiations are in good faith.
- Despite a previous promise of "90 trade deals in 90 days," only agreements with the UK and Vietnam have been announced, leading to scepticism about progress and economic uncertainty for American businesses.
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