American President Donald Trump promised on Tuesday that the U.S. will start receiving "big money" from August 1, when authorities will begin collecting additional tariffs on imports into the country.
"Big money will start coming in from August 1. I think it's clear from the letters we sent out yesterday and today," he said at a cabinet meeting in the White House.
On Tuesday, Trump stated that the U.S. will continue to send letters to trading partners notifying them of new import tariffs after he extended the temporary suspension of increased import tariffs on foreign goods from July 9 to August 1. Trump added that there are "no delays" for the trading partners of the United States who will receive the letters.
On April 2, Trump signed an order to introduce "reciprocal" tariffs on imports from other countries. Their base rate is 10%, and for 57 countries, increased rates came into effect on April 9, calculated based on the trade deficit of the U.S. with that specific country: to achieve a balance instead of a deficit. However, on April 9, the American leader announced that more than 75 countries did not take retaliatory measures and requested negotiations, so for 90 days, basic import tariffs of 10% will apply to all except China.
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