Bulk operations replace bilateral trade negotiations! Trump is expected to send letters to multiple countries today to impose new tariffs, with a maximum tax rate of 70%.

President Trump of the United States stated that Washington will start sending letters to various countries on Friday, Eastern Time, explaining the tariff rates that their exports to the United States will face. This statement is a clear departure from previous commitments made with multiple countries. After acknowledging the complexity of negotiations with over 170 countries, Trump told reporters before departing for Iowa on Thursday that approximately "10 to 12 letters" will be sent out on Friday, with more letters 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 9 for countries to reach agreements with the United States to avoid higher import tariffs that he threatened. He added, "Tariffs range from 60% or 70% down to 10% and 20%." Trump said, "We have over 170 countries, how can you possibly have a deal with each one?" "These negotiations are much more complex." The Republican president stated that following the announcement of 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 prefers directly informing 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 the import ban of Shenzhen Agricultural Power Group. His senior aides had previously claimed to complete "90 agreements in 90 days" in April, a lofty goal that has been 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% equivalent tariff rate, and predicted that there will be "a series" of trade agreements before the final deadline of a significant tariff increase on July 9. If a 10% tariff is ultimately imposed on 100 countries, it will be less than the original plan of the Trump administration the initial list showed 123 jurisdictions (mostly small countries and uninhabited areas like Heard Island, Australia) as subjects to a 10% tariff. Trump's announcement of a 10% to 50% comprehensive equivalent tariff on April 2 caused market fluctuations, but most countries saw their temporary rates reduced to 10% until July 9 in order to buy time for negotiations. Except for the UK, which reached an agreement in May to maintain a 10% tariff rate and receive exemptions in sectors such as automobiles and aviation engines, most countries with an initial 10% tariff rate have not engaged in substantive talks with the US government. Major negotiating partners currently face higher tariffs: EU at 20%, India at 26%, and Japan at 24%. Countries that have not started trade negotiations with the US face even higher tariff rates, such as Lesotho at 50%, Madagascar at 47%, and Thailand at 36%. The US-Vietnam agreement announced on Wednesday lowered Vietnam's tariffs on goods from 46% to 20% and allowed various US products to enter the Vietnamese market duty-free.