U.S. President Donald Trump has issued a warning that tariffs of up to 70% will be imposed on imports from several countries starting August 1. The warning comes ahead of a July 9 deadline given to trading partners to finalize new trade agreements with the United States. Failure to meet the deadline will result in increased import tariffs.

Trump Sets July 9 Deadline for Trade Agreements

President Trump confirmed that the administration will begin sending letters to multiple countries outlining new tariff rates. These letters will serve as official notices for tariffs ranging between 10% and 70%, set to take effect on August 1.

Trump said, “They’ll start to pay on August 1,” during a press briefing. The U.S. administration had earlier imposed a 10% temporary tariff in April during the ongoing trade negotiations. According to the President, the 90-day negotiation window now represents a “final opportunity” for nations to secure favorable trade deals with the U.S.

Donald Trump Tariffs Stir Global Market Concerns

Markets in Asia and Europe recorded declines following Trump’s announcement. The tariff decision has led to uncertainty across global markets as businesses brace for higher import costs. Economists have noted that the tariffs could place pressure on inflation and increase prices for consumers.

According to market analysts, the sectors likely to be affected include agriculture, manufacturing, and technology. Countries failing to meet the July 9 deadline may face higher fees to access the U.S. market. As a result, global exporters are reconsidering pricing and supply chain strategies.

Countries Targeted in Trump’s Tariff Strategy

Korea, Indonesia, Switzerland, and members of the European Union are in active trade talks with the U.S. President Trump has not confirmed which countries will face the steepest tariffs, but recent comments suggest Japan and the EU may be affected.

In previous remarks, Trump cited EU food products as possible targets for tariffs. These include Irish butter, Belgian chocolate, and Italian olive oil. The U.S. government has also raised the possibility of 17% tariffs on EU agricultural exports if talks fail.

Talks between the EU and the U.S. are ongoing, but the President has stated the tariff plan will move forward without a deal. The upcoming July 9 deadline will mark a key moment in shaping the trade landscape between the U.S. and global partners.