US set to notify countries of tariff rates this week, signals end of extension on July 8

President Donald Trump announced that the United States will begin notifying countries about their tariff rates within the coming week and a half, signalling that the current pause on ‘reciprocal’ tariffs may not be extended beyond its scheduled end on July 8.

The pause, which was implemented to allow time for negotiations, is set to expire soon as countries including South Korea have sought to secure trade agreements with the US to avoid the new tariffs, Korean news agency reported.

“Over the next week-and-a-half, or even sooner, we’ll be sending out letters to countries explaining what they need to pay to do business in the United States,” Trump stated during a press briefing, indicating a move towards implementing the tariffs rather than delaying them further.

When asked about the possibility of extending the pause, Trump remarked, “We can do whatever we want,” but added that he would prefer not to prolong it. “I would like to make it shorter. I’d like to just send letters out to everybody saying, ‘Congratulations. You are paying 25%.’”

Earlier in the day, Treasury Secretary Scott Bessent told Fox Business that the administration aims to complete its trade negotiations by Labor Day on September 1. He noted that many US trading partners are coming forward with strong proposals, and the administration has already made progress with key partners including the UK and China.

Bessent explained that the US considers 18 trade relationships critical and aims to finalise agreements with at least 10 to 12 of them by September. “If we can wrap up these major deals, we can have trade finalised by Labor Day,” he added.

Trump first announced the reciprocal tariffs on April 2, including a 25 percent duty on imports from South Korea, to mirror the tariffs other countries impose on US goods. While these tariffs technically took effect on April 9, they were immediately paused for 90 days to allow for negotiations.

As the July 8 deadline approaches, Trump’s latest statements suggest that the administration is preparing to end the pause and enforce the tariffs unless countries reach agreements with the US beforehand.

(With inputs from syndicated feed)