#TrumpTariffs FULL details............

US President Donald Trump has signed "take it or leave it" tariff letters to 12 countries, which are set to be dispatched on July 8, ahead of the July 9 deadline. This move marks a significant escalation in Trump's trade war strategy, with potential tariffs ranging from 10% to 70% on nearly all imports. The letters outline new unilateral tariff rates, and trading partners have until August 1 to respond or negotiate ¹ ².

*Key Developments:*

- *Tariff Rates:* Trump announced tariffs will range from 10% to 70%, effective August 1, targeting countries that haven't made sufficient concessions in trade talks.

- *Countries Affected:* Over 100 countries may face tariffs, including smaller nations with limited trade with the US. Some countries like the UK, Vietnam, and China have reached agreements, but talks with others, including the EU and Japan, are ongoing.

- *Global Reaction:* The European Union has approved Trump's suggested 10% blanket tariff proposal but demands exemptions for key sectors like pharmaceuticals and semiconductors. China has warned that trade wars have no winners, and the World Bank has cautioned that Trump's tariffs could slow global growth ² ¹ ³.

*Impact on Specific Countries:*

- *India:* Faces a 26% tariff on its exports, which could affect sectors like pharmaceuticals, textiles, and automotive components.

- *China:* Hit with a steep 34% duty on its goods, deepening tensions between the two nations.

- *European Union:* A 20% hike in tariffs affects key exports like machinery, luxury goods, and vehicles ⁴.

*Next Steps:*

- Countries receiving tariff letters have a short window to respond or negotiate before tariffs kick in on August 1.

- The US aims to finalize trade agreements with various countries, with Treasury Secretary Scott Bessent expecting significant deals in the coming days .