(The Epoch Times)—President Donald Trump said on June 29 that he will soon send letters to trading partners detailing the tariffs to be imposed on their exports to the United States.
“What I will do just sometime prior to [July 9] is, we’ll send a letter to all these countries,” Trump said on the Fox News program “Sunday Morning Futures” with Maria Bartiromo.
In April, Trump gave countries a 90-day window to negotiate better trade deals with the United States or face steep reciprocal tariffs. That deadline expires on July 9.
The president said he is not considering any extensions to the deadline.
“I‘d rather just send them a letter—very fair letter—saying, ’Congratulations, we’re going to allow you to trade in the United States of America,‘“ he said. ”’You’re going to pay a 25 percent tariff, or 20 percent, or 40 or 50 percent.’ I would rather do that.”
Trump noted that the United States trades with about 200 countries, making it impossible to negotiate with all of them individually.
“And we‘ll say, ‘We would consider it a great honor,’“ he said. ”‘And this is what you’ll have to do to shop in the United States. … We wish you a lot of luck.’ And that’s the end of the trade deal.”
He said the United States has so far reached trade agreements with India, China, and the UK. Deals with key partners such as Canada, Mexico, the European Union, and Japan are pending.
“We have a big deficit with Japan, and they understand that too,“ Trump said. ”Now we have oil. They could take a lot of oil, they could take a lot of other things.”
The letters will explain the tariff amount based on the U.S. trade deficit with that country and how it treats the United States.
“We‘ll look at how a country treats us,“ he said. ”Are they good? Are they not so good? Some countries—we don’t care. … We’ll just send a high number out, but we’re going to be sending letters out starting pretty soon.”
On June 27, Trump announced that he would end all trade negotiations with Canada because of Ottawa’s plan to impose a digital services tax, which affects U.S. tech companies.
During the Fox interview, Trump also said China has paid substantial tariffs and blamed President Joe Biden for allowing the U.S. trade deficit with China to reach $1 trillion. He emphasized the importance of rare earth minerals—especially magnets—and noted that the United States now has a deal with China to secure the supply of these critical minerals.
In response to concerns that Beijing holds leverage over other countries through its control of the vast majority of rare earth minerals, Trump said: “Remember, we have all of the airplane parts. They can’t fly their airplanes without us. So we had, you know, some guards also.”
He touted the fact that U.S. companies, including Apple, are shifting operations back home, giving them more negotiating power.
“China, right now, needs those companies much more than they needed them two years ago,” he said.
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