Trump to send tariff letters to 12 nations

New Delhi

US President Donald Trump has signed tariff letters targeting exports from 12 countries. These letters will be sent on Monday, July 7. While he did not name the countries, Trump told reporters aboard Air Force One that the details would be revealed on Monday.

"I signed some letters and they'll go out on Monday, probably 12. Different amounts of money, different amounts of tariffs," he said. He also suggested that tariffs could go as high as 70 percent for some countries, starting August 1.

In April, Trump announced a base tariff of 10 percent on most goods entering the US. Higher tariffs on some countries, including China, were set but later paused until July 9.

Meanwhile, the US has finalised trade agreements with the United Kingdom and Vietnam.

On the other hand, an Indian delegation led by chief negotiator Rajesh Agrawal returned from Washington without a final deal. The two sides are struggling to agree on trade in agricultural and dairy products. These are sensitive for India because they impact small farmers' incomes.

Despite the challenges, there is still hope that an interim trade deal can be reached before July 9. India aims to get an exemption from the 26 percent US tariffs while securing lower tariffs for its products like textiles, leather, and footwear.

Commerce Minister Piyush Goyal stressed that India will not rush into a free trade agreement under pressure. He said India is open to deals but will always protect national interests and small farmers' livelihoods.

As tensions rise, all eyes are on Monday when the list of 12 nations will be revealed and talks may continue.