Bulk operations replace bilateral trade negotiations! Trump will start issuing letters today to impose new tariffs on multiple countries, with the highest tax rate reaching 70%.

President Trump of the United States stated that Washington will start sending letters to various countries on Friday regarding the specific tariff rates they will face on US export goods. This statement clearly deviates from the commitments previously made in agreements with multiple countries. After acknowledging the complexity of negotiating with over 170 countries, Trump departed for Iowa on Thursday and told reporters before leaving that around "10 to 12 letters" will be sent out on Friday, with more to follow in the "coming days." Trump added, "I think by the 9th they'll be fully covered." He was referring to the original deadline of July 9th for countries to reach agreements with the US to avoid the higher import tariffs he had threatened. He added, "The tariffs range anywhere from 60 or 70% down to 10% and 20%." Trump said, "We have over 170 countries, how can you possibly make a deal with each one?" He continued, "These negotiations are much more complex." The Republican president stated that after announcing a trade agreement with Vietnam on Wednesday, he expects to sign "several" more detailed agreements with other countries. However, he emphasized that for most countries, he is more inclined to directly inform them of specific tariff rates, skipping detailed negotiations. Trump's remarks highlight the challenges of comprehensive trade agreements coordinating from tariffs to non-tariff barriers such as import bans on Shenzhen Agricultural Power Group. His senior aides had claimed in April to complete "90 agreements in 90 days," a ambitious target that was widely questioned by experts familiar with the time-consuming nature of trade negotiations. Treasury Secretary Benson stated that around 100 countries may face a 10% retaliatory tariff rate and predicted that there will be "a series" of trade agreements before the final deadline for significant tariff increases on July 9th. If a 10% tariff is ultimately imposed on 100 countries, it will be less than what the Trump administration initially envisioned - an original list showed 123 jurisdictions (mostly small countries and uninhabited areas like Heard Island, Australia) subject to 10% tariffs. Trump's announcement on April 2nd of 10% to 50% comprehensive retaliatory tariffs caused market volatility, but most countries had their temporary rates lowered to 10% until July 9th to buy negotiation time. Except for the UK, which reached an agreement in May to maintain a 10% tariff and obtain concessions in areas such as automobiles and aircraft engines, most countries with an initial 10% tariff rate have not engaged in substantive negotiations with the US government. Major negotiation targets currently facing higher tariffs include the EU at 20%, India at 26%, and Japan at 24%. Countries that have not engaged in trade negotiations with the US face even stricter rates, including Lesotho at 50%, Madagascar at 47%, and Thailand at 36%. The Vietnam-US agreement announced on Wednesday will reduce tariffs on Vietnamese goods from the original 46% to 20%, while allowing various American products to enter the Vietnamese market duty-free.