Trump plans to reimpose tariffs ranging from 10% to 70% on certain countries as July 9 deadline nears

Trump’s 90-day suspension on new trade actions is set to expire on July 9, and the White House is preparing to reimpose broad tariffs starting August 1. The new tariffs could range from 10% to as high as 70%, depending on the trade imbalance and whether a country has reached a new agreement with the U.S.

On July 5, Trump confirmed that letters outlining the new tariffs were signed and will be sent to 10–12 countries. Targeted nations likely include the EU, Japan, and India, while the UK and Vietnam are expected to receive exemptions or reduced rates.

These are being described as “reciprocal tariffs,” meant to match the duties other countries place on U.S. goods. Trump argues the move ensures fairness and levels the playing field.

Markets reacted quickly. U.S. equity futures and the dollar slipped following the news. Global markets also pulled back, with Germany, France, and South Korea falling between 0.6% and 2%.

Trade data continues to reflect prior tensions: U.S. imports from China are down about 43% year-over-year, and tariff revenues in May alone totaled $24.2 billion.

On the negotiation front, the EU’s chief trade negotiator said it’s “impossible” to finalize a full trade deal before the July 9 deadline. A limited framework may be possible, but broad tariffs are likely to begin as scheduled.

If no deals are reached in the coming days, tariffs are expected to take effect August 1. Sectors with global exposure—such as autos, semiconductors, and retail—could face renewed pressure.