Trump says he'll start sending countries tariff letters at noon

Trump tariff notices acceptable to statesman this week

Trump to nonstop tariff notices to countries that haven't made commercialized deals, starting this week 02:07

President Trump said connected societal media this play that helium would commencement sending tariff summation letters to countries with which the U.S. does not scope satisfactory commercialized deals opening astatine noon connected Monday. Trade experts expect a fig of overseas nations to person notices that higher tariff rates volition spell into effect August 1.

Mr. Trump said the "tariff letters" would spell retired astatine 12:00 p.m. EST, ahead of a July 9 deadline for the U.S.'s commercialized partners to negociate deals oregon other look country-based tariff rates. President Trump announced alleged "reciprocal tariff" rates connected April 2, which helium dubbed "Liberation Day." He instituted a 90-day intermission connected the country-specific levies, which expires July 9. 

"I americium pleased to denote that the UNITED STATES TARIFF Letters, and/or Deals, with assorted Countries from astir the World, volition beryllium delivered starting 12:00 P.M. (Eastern), Monday, July 7th," Trump said connected Truth Social precocious Sunday. "Thank you for your attraction to this matter! DONALD J. TRUMP, President of The United States of America."

The White House did not instantly respond to CBS MoneyWatch's petition for remark connected which countries would person letters notifying them of higher tariff rates.

Similar to nine rank fee

Trade argumentation adept Barry Appleton, co-director of Center for International Law astatine New York Law School, told CBS MoneyWatch that the country-based levies are akin to rank fees guaranteeing introduction into a backstage club. 

"What's been going connected since 'Liberation Day' is Trump has been receiving applications for membership," Appleton told CBS MoneyWatch. "He has countries coming to him with proposals of what they would negociate successful the deal."

Similar to a club, Appleton said, "the medication decides what to charge, whether it's afloat price, friends and family, oregon a peculiar friends and household rate," successful notation to the Trump administration'different levies connected antithetic nations. "It depends connected what you're going to springiness him."

Appleton added that the U.S. has the quality to complaint "whatever the marketplace volition pay, and a batch of countries desperately privation entree to the U.S."

On Monday, Mr. Trump is expected to denote which countries volition beryllium taxable to higher tariffs than the baseline 10% complaint presently connected each imports to the U.S. Those rates would likely go into effect Aug. 1, Mr. Trump said Friday. The president had antecedently said they would footwear successful connected July 9. 

"Good, bad, ugly" scenarios

Brian Mulberry, portfolio manager astatine Zacks Investment Management, told CBS MoneyWatch that countries the Trump medication believes person been engaging successful good-faith negotiations volition not person notices Monday. 

"Ultimately, countries that person been actively participating successful negotiations already volition get immoderate benignant of reciprocal structure," helium said.

There are 3 wide outcomes arsenic acold arsenic rates go, helium added. 

"We person a good, bad, disfigured scenario," Mulberry said. A 10% tariff complaint would beryllium a "good" outcome, whereas 20% tariffs would beryllium bad, and thing higher would beryllium considered "ugly." 

"Countries had an accidental implicit the past 90 days to marque they're champion offers, and if you were not participating, you could extremity up getting a number," helium said.