Trump says new tariffs will be implemented on August 1, with a maximum rate of 70%.

On July 4 local time, US President Donald Trump said that the US government will start sending letters to trading partners from the same day to set new unilateral tariff rates. Trump said that "nine times out of ten" the new tariffs will take effect from August 1. Trump said that starting from the 4th, the United States will send letters to multiple countries, and it is expected that "10 or 12" will be sent on the same day, and more letters will be sent in the next few days. Trump said he expected all these letters to arrive by 9 days. Previously, Trump set a deadline for tariff negotiations on July 9. Regarding the new tariffs to be set, Trump said that "the tariff rate may range from 60%, 70% to 10%, 20%". "We have finished the final text [of the letter], which will basically state what the tariffs are going to be paid by these countries," Mr. Trump said. CNN reported that it was unclear which countries would receive the letters, but Mr. Trump has singled out certain trading partners, including the European Union and Japan, for being "critical" in negotiations. Mr. Trump this week threatened to send a letter to "spoiled" Japan setting its tariff rate at as high as 35 per cent. (CCTV News)