Trump warns tariffs of up to 70 percent ) take effect in August

Trump, who is leading a powerful campaign on the “America First” principle, said the US will send official letters to 10 to 12 countries that this week, to announce new tariffs. By 9 July, according to him, all countries that have not reached trade agreements with the US will face unilateral economic measures.

These countries must start paying. We cannot continue to have unfair agreements that harm our workers and American production,” declared Trump during an interview with American media. He added that tariffs would be “different by country”, but would vary from 10 to 70 percent, reports euronews, Transmitt Periscope.

This initiative, representing a escalation of Trump's protection strategy, has triggered immediate reactions to financial markets. The main shares in the US and Europe suffered decline, while the US dollar showed uncertain fluctuations in international stock exchanges.

According to Wall Street Journal analysts and the Financial Times, the most at risk of these fees are the European Union, China, Japan and South Korea. Some of them have started negotiations with the US to avoid involvement in the tariff list, while others have expressed concern for <x0) unilateral economic threats”.

Meanwhile, Trump has already reached preliminary agreements with several countries, including the United Kingdom and Vietnam, which could temporarily avoid setting tariffs. But for the rest, the deadline is short and the pressure is rising.

The new tariffs will take effect on 1 August and affect a host of sectors, including vehicles, technology and agricultural products. Developments are expected to significantly influence the international economic climate, as US presidential elections approach. /Periscope