President Trump announced that the U.S. will soon update tariff rates for trade partners, explaining that his administration cannot negotiate trade agreements with all countries at once due to capacity limitations.

He emphasized that the U.S. will take a fair approach, but noted that there are currently too many global leaders wanting to meet with U.S. officials. Secretary of the Treasury Scott Bessent and Secretary of Commerce Howard Lutnick will send letters to countries to inform them of the tariffs they will have to pay if they wish to do business in the United States.

It is likely that the U.S. will only negotiate with about 10 top trade partners, while others will face a blanket tariff.