Trump Administration to Impose New Tariffs on Trading Partners Starting August 1

The Trump administration is poised to notify its trading partners on Friday, July 4, 2025, of new tariffs on their exports, set to take effect on august 1. These tariffs, ranging from 10% to a potential high of 70%, are part of President Trump’s strategy to simplify trade negotiations adn meet the rapidly approaching July 9 deadline for securing trade agreements.

Trump’s Tariff Declaration and Global Market Reaction

President Trump stated that approximately 10 to 12 notification letters woudl be dispatched on Friday, with additional letters following in the subsequent days. He emphasized that “by the ninth, they’ll be fully covered,” referencing the July 9 deadline he initially established for countries to finalize agreements with the U.S. to avoid the threatened higher import duties.

The announcement immediately impacted global markets, with stocks in Asia and Europe experiencing a downturn, and the dollar also declining. The U.S. equity and Treasury markets were closed for the Fourth of July holiday, but the ripple effects of the tariff news were felt internationally.